What are the terms of sale?
Foreclosures sales at Illinois Judicial Sales are pursuant to Court order. Bidders must surrender at the time they bid, a certified check(s), payable to Judicial Sales Entity Or Sheriff, for at least 10% of their highest bid. (Unless some other amount is required in the published notice of sale). The remainder of the successful bid is due by the next business day either by certified check or wire transfer. Illinois Reo Sales makes no representations or warranties as to the condition of the property or condition of title.
What happens if I am the successful bidder?
The successful bidder will receive a receipt of sale which references the amount bid and the amount deposited at the time of sale. When the balance is paid the successful bidder will receive a receipt of sale for the balance paid and a copy of the certificate of sale and/or assignment. Upon approval of the sale by the Court, and surrender of the certificate of sale, the successful bidder will receive a deed to the property.
What happens if I don’t pay the balance of my successful bid?
Successful bidders that fail to pay the balance of their bid by the next business day may forfeit their deposit or other action as ordered by the Court.
Who has the sale approved?
Illinois Reo Sales Inc is not responsible for approving the sale. The attorney representing the plaintiff is responsible for getting the sale approved. The attorney will file a motion to approve the sale. It may take several weeks for the Court to hear the motion. Successful bidders will generally get notice of the hearing from the plaintiff’s attorney.
What happens if the Court does not approve the sale?
If the Court does not approve the sale, the successful bidder will receive a refund of the funds deposited, per the Court order.
When will I get possession of the property I purchased?
Generally, a successful bidder is entitled to possession of the property 30 days after the date the Court approves the sale. The date of possession is at the Court’s discretion.
What if the occupants refuse to vacate the property?
In this case, the successful bidder will need to evict the occupants. The successful bidder is solely responsible for the eviction, including all costs. Generally a new eviction action need not be filed as the order approving sale entered in the foreclosure action contains an order for possession.
How do I get the judicial sale deed recorded?
The successful bidder will receive the judicial sale deed after the Court has approved the sale. The successful bidder is responsible for recording the deed and paying all necessary state, county and municipal real estate transfer taxes.
What liens will be dropped after the foreclosure sale?
Illinois Reo Sales Inc does not make any guarantees as to the title to the foreclosed property. Bidders are urged to research the title to the property prior to bidding. We will help you the best we can.