A quick resource tool to answer your investment questions
What is the process for foreclosures in Illinois? A foreclosure in Illinois is judicial, meaning that it is administered through the courts. A judgement of foreclosure can be obtained in as little as 90 days assuming service on all the defendants at the first issuance of summons and assuming no opposition from any defendant. A sale may not occur for one to three months after the judgement of foreclosure is entered.
What types of properties are sold at the auction? Single-family homes, 2-4 units, condos, townhouses, vacant land, commercial and multi-family apartment buildings.
What do I need to bid at auction? First, you must register with Prodigy LLC. After you have registered, we will call to get an understanding of your investment strategies. We are always here to answer any questions you may have and look forward to serving you.
Should I inspect the property before the auction? To ensure you get the best deal, we recommend you visit and inspect the property prior to the auction. Prodigy LLC offers low cost initial drive-by reports on properties that my interest you. A drive-by report will consist of not less than one digital photo of the Subject Property taken within 24 hours of the judicial auction for the Subject Property. Prodigy will inspect and photograph the property based on the common address as listed on the Lis Pendens.
Who determines the opening bid at the auction? The lender determines the opening bid.
Who wins the property? At the end of the auction, the highest bidder will be the owner of the property, subject to the court’s confirmation of the sale.
I was the highest bidder, what happens now? Following the sale, the Sheriff or selling officer must make a Report of Sale within 10 days. A Motion to Confirm Sale must then be filed and the sale confirmed by the court. Following the confirmation, the Sheriff’s Deed is issued.
