foreclosure sales in
Illinois

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Learning Resources

Watch our video and visit the Auction Learning Center to prepare for a foreclosure auction.

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FAQs

Have a question? Scroll down to find answers to our most Frequently Asked Questions

Please refer to the applicable foreclosure notices or contact the County or Private Selling Officer directly to obtain information regarding foreclosure sales.

Helpful Hints:

Legal notices are published in different local area newspapers that participate.

Be sure to verify all information relating to the foreclosure sales with the appropriate County or Private Selling Officer. The following Foreclosure Sale FAQs were not developed in coordination with the any County or Private Selling Officer. These FAQs are being provided for educational or informational purposes only; they are not intended to be a substitute for professional advice, whether legal, real estate or otherwise. The information provided is subject to change. Please ensure to consult the foreclosure notice, any Trustee specific links or contact the County or Private Selling Officer for the most current, up-to-date details regarding foreclosure sales. It is recommended that prospective bidders seek professional advice and carefully review the foreclosure notice, the County or Private Selling Officer Terms of Sale and contact the County or Private Selling Officer to fully understand the foreclosure process and foreclosure sales.

A foreclosure sale is conducted via a public sale that is open to all bidders. The Property is either sold to a third-party bidder at the event or reverts back to the beneficiary (Mortgagee, Bank or Lender) as a Real Estate Owned (REO) Foreclosure. Please contact the appropriate County or Private Selling Officer to request a copy of the bidding rules and review the sale process in detail.

The time and place of foreclosure sales may vary depending on the County or Private Selling Officer. Please refer to the foreclosure notice or contact the County or Private Selling Officer directly for specific information. For sales conducted by Auction.com, please visit the property detail page for more information.

Online bidding is not available for a foreclosure sale in Illinois.

Typically funds are required to be paid in the form of cash, bank money order or certified check at the time of sale. Personal checks, company checks, letters of credit, or charge cards may not be accepted. Please refer to the foreclosure notice or contact the County or Private Selling Officer directly for specific information. For sales conducted by Auction.com, please visit the property detail page for more information.

The sale of a Property may be cancelled or postponed for many reasons prior to the start of bidding at the sale. There is no guarantee that a particular Property will actually be brought to sale. Please refer to any foreclosure notices or contact the County or Private Selling Officer directly for specific information. All cancelled or postponed properties will be announced on the day of the auction and any postponed properties will be indicated on www.auction.com. For sales conducted by Auction.com, please visit the property detail page for more information.

No, a buyer’s premium does not apply for these specific sale events.

Typically no. Many Properties will be sold “as is, where is,” with all faults and limitations. All prospective bidders are encouraged to conduct their own due diligence and investigate all matters relating to the Properties that they are interested in purchasing. It is recommended that you seek independent advice to perform your due diligence and to fully understand the foreclosure process and foreclosure sales in general prior to the sale. Doing your homework pays off! Some properties may have information provided by Auction.com on the Property detail pages. It is your responsibility to do a title search and seek any needed advice from counsel prior to the sale. Please refer to the foreclosure notice or contact the County or Private Selling Officer directly for specific information.

No, as these Properties can be occupied, prospective bidders may not trespass on the Property, disturb the occupants or contact the borrowers to obtain information about the Property. However, detailed Property information for some properties may be available for informational purposes only on the Property detail page at www.auction.com.

Under most circumstances, the winning bidder will receive a deed sometime after the sale is complete. Please refer to the foreclosure notice or contact the County or Private Selling Officer directly for specific information.

Yes, after a foreclosure sale there may be a redemption period that varies based on certain factors such as the type of foreclosure, the type of property and status of the property. Important: The borrower may redeem the premises during the redemption period. You may not be able to evict or collect rents during the redemption period. Please consult your real estate counsel or the County or Private Selling Officer for specific details regarding Illinois redemption period.notice or contact the County or Private Selling Officer directly for specific information.

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