auctions in Illinois

[Michael Smith]

Hello

I'm thinking about buying a property on the auction.

Can anyone share the experience and give some tips ? the good the bad the worse ?

Michael

[Account Closed]

If it is a Judicial sales auction of Foreclosures you will probably be disappointed. The vast majority don't go. Why? The lender offers the first bid usually. They are required to set that from the bank investors at a certain level. Also they need to ensure that when they take the property back, there isn't enough money to pay the other liens and those get wiped out.

Just last week there were about 43 properties up for Auction, only 2 received more than the bank's opening bid, because the price was just to high.

So, do your homework, know your ceiling on your price, and if it doesn't happen, know that the property will come back months down the road as a REO.