Sheriff's Sale.. Cook County
I went to my first sale also, found a third of the listings cancelled, a third postponed and a third auctioned. A lady in a buisness suit out bid most everyone there. Don't know how she can bid so much without gaining entrance to inspect the property. Anybody have any info on on websites? services? preforeclosures in cook county?
The lady there was most probably an attorney or agent for the foreclosing bank. The banks pay these people a fee to bid for them at the sheriff sales so they dont have to be there.
BAMZ
Did you just outbid the other bidders, or was she the only one who bid, and bid the exact opening amount?
there was nobody from the banks there, the lady announced what the bank bid first, most od the time it was 1 dollar over what was owed. The house I was bidding on was 88,000 in default for both first and second. The bank bid 94,000 and the second bid 1 dollar over the first. She won every aution she bid at.
Again, my hunch is that she was an agent or attorney hired by the bank to bid for their interest.
BAMZ
If you are saying that the lady that one all the bids was the same lady that announced the banks bid, then she was the civil deputy conducting the actual sale, and works for the Sheriff's office. If so, she was merely announcing what the bank was bidding and then stood ready to conduct the follow up auction bidding.
Not sure if it was the same person but I came across a women at the Dupage county sales.. outbid everyone. I did some research and don`t see her making a killing at the place she bought.
I doubt it`s her $$$.. most likely represents someone. These people don`t expect to make a killing but deal in quanity I guess.
Did not wear a business suit thou...
At a sheriffs sale if a person wins a bid are they stuck with any liens on the property or is the tile clear of all liens once purchased.
Greatly appreciate any responses
Thank you
As far as I'm aware, once the property is foreclosed upon all leins are removed from the property.
- Ryan J. Schnabel
Be cautious about that thought because it is not an absolute. For instance, if the 2nd is foreclosing, and you buy it at the sale, you have just inherited that debt of the 1st mortgage as well.
Also, if there is an IRS lien, they have up to 90 to redeem their interest. If it is a small amount, it is not probable that they would, but it is something to be aware of.
I just bought a property at sheriff sale. It had $13,000 worth of deliquent real estate taxes. This amount was not listed or part of the banks payoff amount. The good news is that I did my due diligence prior and knew about the pat due taxes. And based on the numbers, it still made sense to pay them if I were indeed had the winning bid. If I had not checked into that and the numbers were tight, that is the kind of deal that could cost me (or you) some bucks!
Best of Success!
BAMZ