Home Buying in Chicago>Question Details

Leslie, Home Buyer in Chicago, IL

How can I find out when a property I liked will go into auction?

Asked by Leslie, Chicago, IL Wed Feb 4, 2009

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Hi Leslie,

Properties go to auction for a number of reasons. These include Judicial and Sheriff's sales, as well as private auction where typically REO (bank owned) property is sold.

As far as judicial sales go, sales are posted in advance in local papers. You can also pay for services such as Realty Trac which will give you easier access to information.

Private auctions can usually be serviced by a local Realtor. Many private auction companies participate in the MLS, and it's a good idea to get an agent to help you locate comparables prior to the auction.

One common thread is that auctions usually require a minimum earnest money deposit which is usually not subject to typical contingencies. In other words, be very sure about your bid and your ability to close.

Unfortunately, without more info it's not possible to answer your question specifically.

Best of Luck.
0 votes Thank Flag Link Thu Feb 5, 2009
Dear Leslie,

Are you working with a real estate agent to assist you with your property search? If so you really should be directing your questions to that agent (or your real estate attorney). Without specific information it would be very difficult for anyone else to adequately answer your question.

I've included a link for common questions that you may want to ask your Realtor before hiring them. Let me know if you have any questions.

Sincerely,
Christopher Thomas
Broker Associate, Sudler Sotheby's International Realty
773-418-0640 (cell)
christopher.thomas@sothebysrealty.com
http://www.mayagentchris.com
0 votes Thank Flag Link Fri Feb 6, 2009
Hi Leslie,

What makes you think this property will ever go to auction? Is it a tax auction you are referring to?
0 votes Thank Flag Link Wed Feb 4, 2009
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