Foreclosure in 60657>Question Details

Mark Bazzetta, Real Estate Pro in Chicago, IL

Scenario: Bank forecloses on borrower (in Cook County) and property is sold at auction. How long until the sale is confirmed by the court?

Asked by Mark Bazzetta, Chicago, IL Thu Feb 21, 2013

And what happens to the property if the judge declares the auction sale invalid? Does it go to the bank or revert back to the borrower? Thanks.

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6
Philip Sencer’s answer
I am not aware that an Auction has anything to do with a Court. An Auction is just an alternative means of selling R E rather than using the MLS. Courts have nothing to do with it. The Seller....REO bank.......must have clear title in order to sell something whether it is via the MLS or an Auction. As long as the Seller has proper title, not sure why a court would get involved.
2 votes Thank Flag Link Thu Feb 21, 2013
About 2 to 4 weeks for a confirmation of sale. The reasons the foreclosure sale can be found to be invalid are:

1) that notice of the sale was not proper,
2) the terms of the sale were unconscionable,
3) the sale was conducted fraudulently or
4) that justice was otherwise not done.

If it is found to be invalid, it simply voids the sale, and both parties are back in the same position they were before the sale. This means that the lender will still have its order of foreclosure, and it will just attempt another sale.
1 vote Thank Flag Link Thu Feb 21, 2013
thanks
Flag Thu Feb 21, 2013
I must agree with Brendan.
0 votes Thank Flag Link Wed May 29, 2013
Thanks everyone. All I know is this property I'm thinking of was listed on MLS as CTG and the property was sold at auction without even the listing agent know about it (so they claim). So the borrower must have gotten notice of the pending sheriff's sale and chose to ignore it.
0 votes Thank Flag Link Thu Feb 21, 2013
Mark,

Phillip is absolutely correct. A property cannot (well should not) go to auction without a clear title if it is a legitimate auction.
0 votes Thank Flag Link Thu Feb 21, 2013
AS Philip mentioned - a bank can only sell an asset that it holds title to.
0 votes Thank Flag Link Thu Feb 21, 2013
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