Legal Question in Real Estate Law in Illinois

Re: bank owned properties

Your information is a bit vague.

By "Taken Possession" do you mean that the house was purchased at a Judicial Sale? There is a slight legal difference between "possession" and "ownership". You can possess something you don't own.

If the bank has purchased the house at the judicial sale, there is no specific amount that they HAVE to accept. I am sure they are no adverse to a profit.

If you want to purchase the house at a judicial sale there is no set amount that must be bid. If the amount is reasonably close to the amount owed the court will confirm the sale.

The bottom line is that unless you are the person who defaulted on the mortgage, there is no legally set amount they must accept. The thought that keeps running through my mind is that if you approach the bank with the amount of money you described, the lender might just say to themselves, "That was easy, let's see if we can get even more.", especially if the property is in a nice neighborhood. On the other hand, the bank might just accept what you are offering and thank their lucky stars.

Re: bank owned properties

No, they are not required to accept that amount. However, practically speaking, they probabaly would as banks are not in the business of owning homes. Most banks have a repossession department or a perso in charge of repossessions. I suggest that you contact that person or department. Do not mention the specific property as doing so might spike the price, just ask them for a list and if you can view the properties. After that, inquire about a few and then narrow it down to the one you like.

Good luck

Re: bank owned properties

I assume that by "taken possession" you mean they now own the property through foreclosure. They are not required by law to accept any certain price--heck, they do not even have to sell it at all if they want to keep it. Make them an offer. The worst thing that can happen is they reject it (or depending on the house, accept it.)