Bruce LynnPoster
#2 Real Estate Agent Contributor
#2 Real Estate Agent Contributor
- Real Estate Broker
- Coppell, TX
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Cook County will begin transitioning away from private tax buyers.
Bruce LynnPoster#2 Real Estate Agent Contributor
#2 Real Estate Agent Contributor
- Real Estate Broker
- Coppell, TX
- The legislation establishes a six-year pilot program in which the county purchases delinquent tax debts itself. After six additional tax sales (anticipated through 2030), private tax buyers would no longer participate in Cook County's annual tax sales under the current model.
This just sounds like a disaster to me. Chicagoland could have used some reforms to alleviate the abuse of buyers backing out of the sale and some collusion, but for the government to buy the liens...that does not sound like a recipe for success.
Most Popular Reply
The county already owns the lien, and always has. What will happen now is that the county will foreclose and the land will be sold at auction. The county will get its taxes owed, and the surplus will go to the owner.
The current system was found unconstitutional, so the new system is needed.