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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] You need to closely study your local sale procedures. Posted by Ward-CA- on March 17, 2002 at 0:24 AM In Reply to: starting out in pre-foreclosures posted by yanti on March 16, 2002 at 3:45 PM : Hi- I am new in this market. I live in Chicago and I realize the terminologies are different as no one at Cook County Court knew what a Trustee's Sale was. However, I did look through a big book of properties that are to be auctioned off at an annual Tax Auction coming up next month and there are several properties that I am extremely interested in. If I want to look into obtaining these properties before they get auctioned, can I follow the same process as properties to be auctioned at a regular Trustees Sale (or Sheriff's Auction as they call it here) What's the difference between a Trustees Sale and an annual Tax Auction? =•=•=•=•=•=•=•=•=•=•=•= Yanti, IL is a mortgage state and thus requires that properties suffering from defaulted loans be foreclosed upon via a judicial process (see link below). A non-judicial, trustee’s sale cannot happen in IL since your state uses an entirely different method of processing its foreclosures. Also, don’t confuse the process of foreclosure, regardless of whether it’s a trustee’s sale or a sheriff’s sale procedure, to be anything akin to the procedure of dealing with delinquent real property taxes. So, to answer your question, no you cannot follow the same process used for a Sheriff’s Sale as used for a real property tax lien sale. There are so many differences between the two processes that they warrant close study by you before venturing into the tax sale arena there. 50 State Foreclosure Basics Follow Ups: Re: You need to closely study your local sale procedures. Yanti 10:11 AM, 03/17/02 (1) Go for it if the deal makes sense and time is left to reinstate. Ward-CA- 12:33 AM, 03/17/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Hi- I am new in this market. I live in Chicago and I realize the terminologies are different as no one at Cook County Court knew what a Trustee's Sale was. However, I did look through a big book of properties that are to be auctioned off at an annual Tax Auction coming up next month and there are several properties that I am extremely interested in. If I want to look into obtaining these properties before they get auctioned, can I follow the same process as properties to be auctioned at a regular Trustees Sale (or Sheriff's Auction as they call it here) What's the difference between a Trustees Sale and an annual Tax Auction? : =•=•=•=•=•=•=•=•=•=•=•= : Yanti, : IL is a mortgage state and thus requires that properties suffering from defaulted loans be foreclosed upon via a judicial process (see link below). A non-judicial, trustee’s sale cannot happen in IL since your state uses an entirely different method of processing its foreclosures. : Also, don’t confuse the process of foreclosure, regardless of whether it’s a trustee’s sale or a sheriff’s sale procedure, to be anything akin to the procedure of dealing with delinquent real property taxes. : So, to answer your question, no you cannot follow the same process used for a Sheriff’s Sale as used for a real property tax lien sale. There are so many differences between the two processes that they warrant close study by you before venturing into the tax sale arena there. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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