I got a look in at the Annual Tax sale for Cook County as part of my self education plan for investing in foreclosures. While there last week I heard about the biennial Scavenger sale that will be scheduled for Nov/Dec this year. Anyone attend the last sale in 2005 and can predict the level of interest this year, any chance for newbies like me against all the seasoned investors, and any particular advantages over the annual sale?
I haven't attended one yet Pete, hoping to do so this year, but wouldn't it be great if we heard from someone who has in the past?
This sale is held because Illinois State law requires a biennial sale of property with 2 years or more delinquent taxes, if there are enough properties available that is, every odd numbered year. may include some properties that didn't sell this month. I read that there were 22,000+ properties in the list for December 2007.
Apart from that I can't easily find a source that tells me what is different at the Scavenger Sale from the current Annual Sale except that it seems at the Scavenger sale you don't necessarily have to pay the full taxes and interest outstanding. There is a minimum bid set, then after that highest bidder prevails. Must be a great opportunity there!
Anyone know about the Scavenger sale in Illinois?
2 comments for “Anyone know about the Scavenger sale in Illinois?”
I haven't attended one yet Pete, hoping to do so this year, but wouldn't it be great if we heard from someone who has in the past?
This sale is held because Illinois State law requires a biennial sale of property with 2 years or more delinquent taxes, if there are enough properties available that is, every odd numbered year. may include some properties that didn't sell this month. I read that there were 22,000+ properties in the list for December 2007.
Apart from that I can't easily find a source that tells me what is different at the Scavenger Sale from the current Annual Sale except that it seems at the Scavenger sale you don't necessarily have to pay the full taxes and interest outstanding. There is a minimum bid set, then after that highest bidder prevails. Must be a great opportunity there!
References :
http://www.foreclosuredeals.com/il/cook/chicago.html
