Court Auctions

4 Replies

I need to find out how to take advantage of court auctions in the Chicago area. I am new to wholesaling and can use professional advice. I always research first before I just gout out and do something. Getting good advise is always a plus. Thanx in advance your responses.

Updated over 4 years ago

I need to find out how to take advantage of court auctions in the Chicago area. I am new to wholesaling and can use professional advice. I always research first before I just go out and do something. Getting good advise is always a plus. Thanx in advance

Very good idea to check it out first. If I remember correctly the rules for Cook county are different than the rest of the 7-county metro area, so do not assume the same rules apply everywhere.

@Pattie Thomas From my personal experience, Cook County is the most difficult of them all and can take some getting used to. There are some real "sharks" down there with lots of cash, they have the funds to "clean up shop" and can bid all day long. Start by getting a feel for the process/atmosphere, and DEFINITELY NETWORK. Also, be prepared to arrive with a large lump some of money in certified funds in case you come across multiple winning bids. There is a risk of purchasing blindly, but you should be ok if you do your due diligence on the property/properties of your interest prior to bidding. Lastly, if you walk out empty handed the first time or two, please don't get discouraged. Keep trying. Once you get in, your in. Let the crowd see your face on a regular basis. It can be difficult at first, but if you have the patience, your experience could be very rewarding.

You posted this under wholesaling and say you are new to wholesaling, so that info leads to this question: do you have the cash on hand to actually make such a purchase? If not, maybe you should just use the bidders there to build a list of potential buyers, but find your deals elsewhere if you don't have acess to cash. There was a post within the last month or two by another person wanting to wholesale foreclosure auction property without cash, so you might consider a search for that thread.

As to finding buyers, just read the sticky threads at the top of the wholesaling forum.

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