Information On Foreclosure Auctions In Illinois

Where can I get the most up-to-date information on Illinois foreclosure sales?

To obtain information about foreclosure sales, please refer to the applicable foreclosure notices or contact the County or Private Selling Officer directly. Legal notices are published in various local area newspapers that take part.

Make sure to double-check all foreclosure sale information with the appropriate County or Private Selling Officer. The Foreclosure Sale FAQs below were not created in collaboration with any County or Private Selling Officer. These FAQs are provided solely for educational or informational purposes; they are not meant to be a substitute for professional advice, whether legal, real estate, or otherwise. The provided information is subject to change. Please refer to the foreclosure notice, any Trustee-specific links, or contact the County or Private Selling Officer for the most up-to-date information on foreclosure sales. To fully understand the foreclosure process and foreclosure sales, prospective bidders should seek professional advice and carefully review the foreclosure notice, the County or Private Selling Officer Terms of Sale, and contact the County or Private Selling Officer.

What is the Illinois foreclosure sale procedure?

A foreclosure sale is held in the form of a public auction that is open to all bidders. At the event, the property is either sold to a third-party bidder or reverts to the beneficiary (Mortgagee, Bank, or Lender) as a Real Estate Owned (REO) Foreclosure. Please contact the appropriate County or Private Selling Officer to obtain a copy of the bidding rules and to thoroughly review the sale process.

When and where do foreclosure sales take place?

Depending on the County or Private Selling Officer, the time and location of foreclosure sales may vary. For specific information, please refer to the foreclosure notice or contact the County or Private Selling Officer directly. 

What should I bring to the foreclosure auction?

At the time of sale, funds are typically required to be paid in cash, bank money order, or certified check. Personal checks, business checks, letters of credit, and credit cards may not be accepted. For specific information, please refer to the foreclosure notice or contact the County or Private Selling Officer directly. 

What happens if a Property is canceled or rescheduled?

A property sale may be canceled or postponed for a variety of reasons prior to the start of bidding at the sale. There is no guarantee that a specific Property will be put up for sale. For specific information, please refer to any foreclosure notices or contact the County or Private Selling Officer directly. 

Is the property free and clear of any liens?

Usually, no. Many properties will be sold “as-is, where-is,” with all flaws and limitations. All prospective bidders are encouraged to conduct their own due diligence and investigate all aspects of the Properties they wish to purchase. Prior to the sale, it is recommended that you seek independent advice to perform your due diligence and fully understand the foreclosure process and foreclosure sales in general. It pays to do your homework! Prior to the sale, it is your responsibility to conduct a title search and seek any necessary legal advice. For specific information, please refer to the foreclosure notice or contact the County or Private Selling Officer directly.

Is it possible for me to inspect the property?

No, because these properties can be occupied, prospective bidders are not permitted to trespass on the property, disturb the occupants, or contact the borrowers in order to obtain information about the property.

Will I be given a sale deed?

In most cases, the winning bidder will receive a deed after the sale is completed. For specific information, please refer to the foreclosure notice or contact the County or Private Selling Officer directly.

Is there a foreclosure redemption period in Illinois?

Yes, there may be a redemption period following a foreclosure sale, which varies depending on factors such as the type of foreclosure, the type of property, and the status of the property. Important: During the redemption period, the borrower may redeem the premises. During the redemption period, you may be unable to evict or collect rent. For specific information on the Illinois redemption period, please contact your real estate counsel or the County or Private Selling Officer. For specific information, please see the notice or contact the County or Private Selling Officer directly.

Please share

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Watch Videos
Play Video
Play Video
You might also enjoy
Subscribe to newsletter

Your information is safe with us, we hate spam, phishing, and malware as much as you. We will not share your information.