Legal Question in Real Estate Law in Illinois

Purchasing a Foreclosure
I found a house I would like to purchase that is in foreclosure. It is currently scheduled for sheriffs auction sale in 20 days. It is also still listed on the market for about $150k more than the judgement. I desperately want this house and don't want to take a chance of loosing it at auction. I also have limited funds (around $10k more than the judgement amount). Is there anything I can do to ensure I will get this house? Any advice would be appreciated.

Asked on 4/02/08, 10:39 pm

3 Answers from Attorneys

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Re: Purchasing a Foreclosure

Contact the mortgage company and owner of the property directly and confirm that there is still a listing, if not, the ntry to work something out. You should hire an attorney as this can be complicated. Good luck.

Answered on 4/03/08, 10:35 am

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Nicholas Chrisos Nicholas G. Chrisos Attorney at Law

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Re: Purchasing a Foreclosure

If you have cash and can close quickly, make an offer for more than the judgment amount (it needn't be for the listing price). The Seller will probably accept an offer that gives him (or her) some cash since if it goes to juducial auction, they may end up with nothing. Then try to close quickly before the auction date; but the Seller's attorney will need to move really fast to get it ready for closing on time.

Answered on 4/03/08, 6:48 pm

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