Chicago Foreclosures - Beginner
Can anyone fill me in on the Chicago Foreclosure Auction process?
I know that the Notice of Sheriffs Auction is put in the paper 3 week prior to the auction. I've looked on the Cook County site, I've tried looking up Sheriffs auctions and I just can't seem to get any other info.
For instance, the "bidder's fee", is it a specific dollar amount or a percentage?
As for the Redemption Period, is it always 90 Days? (not interested in abandoned properties)
When is the opening bid announced?
At what point does the lender then set up the date for the auction, after the redemption period, during?
Also, at what point is it no longer in the hands of the Listing and/or Buyer agents hands, before or after the court has ruled on it?
Sorry, I know these are probably kind of random questions.
Oh one more question...
Once an auction is won, how many days do you have to pay the full purchase price?
Thank you so much!