Asked by: Mohamed Manata
asked in category: General Last Updated: 20th January, 2020

How does a sheriff's sale work in Illinois?

A sheriff's sale is a type of public auction where interested buyers can bid on foreclosed properties. In a sheriff's sale, the initial owner of a property is unable to make their mortgage payments and legal possession of the property is regained by the lender.

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Similarly, how long after a sheriff sale Do you have to move out in Illinois?

The motion cannot be heard less than 5 business days after the Report of Sale, but is usually heard 21 to 30 days after the sale. If the court confirms the sale, you will then have 30 days to vacate the property. If you do not do so at that time the bank can ask the sheriff to have you removed.

One may also ask, who gets the money from a sheriff sale? A sheriff's sale is a public auction where a property is repossessed. The proceeds from the sale are used to pay mortgage lenders, banks, tax collectors, and other litigants. A sheriff sale occurs after foreclosure because the owners have defaulted on mortgage payments.

Beside this, how does a sheriff tax sale work?

A sheriff sale is a public auction of property repossessed to satisfy an unpaid obligation, and it's generally done because a mortgage lender repossessed the property and is trying to sell it. However, a sheriff sale also can be held for properties seized to satisfy judgment liens or tax liens.

How do you buy a house at a sheriff sale?

Follow these steps to ensure you research the properties thoroughly:

  1. Perform a title search.
  2. Locate properties.
  3. Evaluate the properties.
  4. Inspect the property.
  5. Calculate your profit potential.
  6. Determine your maximum bid amount.
  7. Phone ahead.
  8. Attend the auction.

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