Urgent Help In Illinois For Newbee
Please help, I'm getting cold feet, local tax sale in the morning (11-15). I am planning on bidding on a few properties, and I am very familar with them, they are on my block, is there anyway I would possibly loose my investment. I can read just about everything on this web site, and I'm just not sure if I'm missing something. If I win the bid even at a really low interest rate, like 1 percent, I think I will have a good chance at getting this particular property, as I said its right in my neighborhood, so I feel I have a good grasp on the situation, however I didn't do a title search, I just know what the property is valued at. Please let me know if there is a possibility of not getting my investment back, husband would be very upset with me if I did.
Thank you
Title searches are very important! You don't want to buy a property that has liens against it that total more than the property is worth. Its just a safe thing to do.
I thought that in Illinois at least a tax lein is always satisfied first and sometimes can wipe out all other leins, am I wrong?? I have tried to read the Illinois statues on this, but I am getting more confused and worried at the time of sale gets closer.
Tax sales are fairly safe - you either will get your money back or will end up with the property. You're right that tax sale will wipe out all other liens in Illinois.