Knowing How To Bid At Sheriff Sale or Auction

Learn the basics and tips for becoming a bidder at a Sheriff Sale or Judicial Auction. All information is based on procedures in Illinois and the counties surrounding Chicago.
Floss Law, LLC
1200 Shermer Road, Suite 206
Northbrook, IL 60062
Ph: 224-326-2903
[e-mail]
www.flosslaw.com

[@GovtWatchdog]

The county websites list the upcoming foreclosure sales with amounts of debt owed on each property. Do these debt amounts include all liens that the winning bid/bidder will need to pay or would there be other major debt that the winning bidder would still be responsible for paying?

[@RobotsCanDoAnything]

Great information shared.
Thanks 😊

[@潘逸雄]

Thank you for your video , very informative!

[@sakeenahm]

So much helpful information here. Thanks so much. So glad I didn't rush in clueless.

[@TheAnsmith4117]

At what point in this process do we have the right to secure the property?

[@aracelimalone1167]

VERY DETAILED! thank youuuuu!

[@tdanderhenproperties4265]

Ohio investor here. I’ve purchased a couple sheriff sale properties. We were responsible to pay the back taxes, but it came out of our winning bid amount. I had to deliver the check to the fiscal office but that amount was deducted from the total that I owed the Sheriff based on my winning bid. That’s not the case for a Sheriff sale near Chicago?

[@tobyfoote]

Glad you asked this. Was wondering same thing.

[@Rick-the-Swift]

There seems to be a little inconsistency in the video. It's really hard to tell without going through the process as every county makes their language as vague and confusing as possible. Their websites are usually 2 years out of date as well, and often links won't be available from their home pages- only through a search engine. Phone calls will usually only get you put back through the ringer with "you'll have to access court documents" and/or "You'll have to wait until the sale occurs to find out." 😆🤤

[@tammythomas4233]

Can you explain approximately how much closing cost will be or how do I figure how much more out of pocket it will cost?

[@bensimpson9175]

Excellent info. Thanks

[@chadmccall2484]

Which municipalities are the problems? Would love to see the list? Thank you

[@claudettesolomon5344]

can you explain $1 action... is there a catch?

[@shameekahenry9467]

Where do you get list of properties?

[@nga2160]

How do you get a blank cashiers check?

[@Rick-the-Swift]

Exactly.

[@chrisryan8798]

Thanks for taking the time

[@JasperCLoren]

How do you check all these things? Are the websites? Do I call the water companies?

[@FlossLawLLC]

Some investors will spend money on a tract search from a title company. Others will pull information from public websites manually like the recorder, treasurer, assessor, clerk, etc. It takes time. Water is probably the hardest one to obtain.

[@mrs_pep7981]

Should i purchase under my name or an LLC? I dont current have an LLC

[@MrHellz609]

I wanted to know how is that some sheriff sales I’ve seen properties over 200k plus bought for a $1000. And if this is possible what are the extra cost.

[@FlossLawLLC]

I've seen this but it's completely random and most of the time a vacant lot. I would be concerned a lender auctioning it for that low is trying to dump it because of a serious issue. Always do your research. If you buy at sheriff sale you could be assuming a large tax bill, code violations, or find out the building has been demolished.

[@gemechannel2899]

Awesome info, in Georgia you need 100% of the money at the time of sale.

[@JoshuaWeaver92]

Same in Indiana.

[@Rick-the-Swift]

@@JoshuaWeaver92 Some counties in Indiana I believe will give you 2 hours after sale to pay in full. What I'm curious about is how exactly do you go about giving them a cashiers check in the exact amount that's owed right on the spot? Most banks I'm aware of fill the amount in AT the bank- not the sale!
Do you just go in with a really big check and they refund the difference? Thanks

[@JoshuaWeaver92]

@@Rick-the-Swift Yes, you take a cashier's check for your maximum bid. If the bid goes above your maximum bid, you stop bidding.

[@gina4319]

initial cashier's check at auction. does the balance need to be cashier's check as well? 34:33

[@df56gh4d5h]

Or cash.

[@FlossLawLLC]

After initial payment, its all wire transfer.

[@afaafa3679]

@@Rick-the-Swift you would get multiple cashier's check in various denominations (e.g., 5 ($1000), 5($2000), 5($3000), etc, etc.) up to the max amount of initial payment that you have to submit if you win the auction.

[@ercort525]

How to know what mortgage 1st or 2nd Lien is being Auctioned at a Judicial Sale?

[@FlossLawLLC]

I typically review the recorders website for any open mortgages and check the court website to review foreclosure case.

[@husseinwarsame9660]

Thank you for the great info! If the house is vacant, how do I know if it is winterized?

[@FlossLawLLC]

Typically you'll see a posting on the door from the preservation company.

[@husseinwarsame9660]

@@FlossLawLLC Thanks for the response! Would the posting just say "House is vacant" and that is considered winterized or the post will clearly say "winterized"? Thank you for your help!

[@Ev_89]

Thanks for sharing!

[@robertcornelisse8664]

Thank you for this video

[@df56gh4d5h]

How do I know for sure how much the minimum bid will be? Do all sheriff sales have to be that amount + $100? I am in Michigan.

[@FlossLawLLC]

Most of the time we don't know until auction starts.

[@df56gh4d5h]

@@FlossLawLLC then how do you know how much to make the cashier's check out for?

[@Rick-the-Swift]

@@df56gh4d5h No one seems to be able to answer your question. I'd like to know as well. Never heard of a blank cashiers check🤔

[@adenwellsmith6908]

Why not video an auction?

[@beartrapper781]

Buyer beware to the buyer bidding on a property with its land patent pulled forward and recorded. This property comes with no title.