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My neighbors down the street advised they were moving and my friend is interested in buying this house. I was going to get more info from the neighbors but haven’t been able to catch them. Last night googled the address and on Blockshoppers it said it was sold last month by the county sherrif and the owners (their last name was listed) to a company listed with LLC next to it. Googled that company and couldn’t find anything. Then i also came across a page that said it was listed as a foreclosure last month. Are sherrifs involved in forclosures? Also, will this property be harder for my friend to purchase if it’s a foreclosure?
It's going to depend on the state. In many states the Sheriff sells the house at a tax auction if it's in arrears for taxes. Here in Maryland it's the County Treasurer who handles that.
Foreclosure for failure to pay the mortgage is typically a Court action, but some states also have the Sheriff handle that at auction.
Last edited by North Beach Person; 05-21-2018 at 09:19 AM..
Reason: spelling
My neighbors down the street advised they were moving and my friend is interested in buying this house. I was going to get more info from the neighbors but haven’t been able to catch them. Last night googled the address and on Blockshoppers it said it was sold last month by the county sherrif and the owners (their last name was listed) to a company listed with LLC next to it. Googled that company and couldn’t find anything. Then i also came across a page that said it was listed as a foreclosure last month. Are sherrifs involved in forclosures? Also, will this property be harder for my friend to purchase if it’s a foreclosure?
Sherriff's sale means it was sold at a public auction. Your friend would have to approach the new owner but since it shows an LLC purchased the home, I bet it was bought as an investment and it will be flipped.
"A sheriff’s sale is a public auction where mortgage lenders, banks, tax collectors, and other litigants can collect money lost on property. A sheriff sale occurs at the end of the foreclosure process when the initial property owner can no longer make good on his or her mortgage payments. A sheriff sale can also occur to satisfy judgment and tax liens."
It’s Illinois. I just find it so strange that they couldn’t pay their mortgage considering they are landlords for many properties. This one they owned and moved into and completely fixed up after the renters moved out.
It’s Illinois. I just find it so strange that they couldn’t pay their mortgage considering they are landlords for many properties. This one they owned and moved into and completely fixed up after the renters moved out.
The county collector tax delinquent properties in Illinois, depending on the county. You would have to look at the specific county's website for the exact procedure as each are slightly different. Most likely they didn't pay their taxes. If the owners owned several properties then it could be that they just couldn't afford that one and couldn't sell it. Who knows. Just because someone seems well off isn't always the case. At any rate, if it's going to auctioned then "yes" it could be harder for your friend to purchase.
They are still living in the house though. I guess you get a certain time frame to move?
These properties go like hot cakes. Not hard to sell.
I'm not 100% on this, but I think if your home is being auctioned the county sheriff will serve you papers with a date of auction and when you have to be out. When the home sells at auction and the people are still living there then the new owners have to have them evicted through the court. Sometimes it can take a long time to actually evict someone.
Not sure why they wouldn't sell it if the homes sell fast, but it could be they owe more than what it's worth. Again, they could seem fine financially but really not!
Illinois is a Judicial Foreclosure state. You can go to your county recorder of deeds, input the PIN# and see if you can find any other information out, i.e. "lis-pendens", "judgement" etc.
"Illinois Foreclosures. In Illinois, foreclosures are judicial, which means the lender (the plaintiff) must file a lawsuit in state court. ... The lender initiates the foreclosure by filing a complaint with the court."
They can live in the house until they are forced to leave the property via sheriff or CFK (cash for keys). Without knowing where they currently are in the foreclosure process, time-frames are hard to say, even with knowing, still hard to say definitively. They may still be able to short-sale the property, already have fallen behind and are lis-pendens, etc... have your friend do a little research. It's available once you know where to look(not blockshoppers). Use the county recorder of deeds website.
Last edited by photogal9; 05-21-2018 at 09:52 AM..
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