I bought a property at a Sheriff sale in Illinois The same day I went to see the property and talked to the owner. The first thing I said was that “I’m not the owner, I’m just the higher bidder and the judge must approve the sale. However, if she doesn’t mind I would like to see the property”. She was very nice with me, she showed me the property, but today her lawyer call me. What could happen?
I don’t believe the borrower has a right of redemption in Illinois, but they may bring a lawsuit to try to have the sale overturned. Ask the lawyer why he is contacting you, remind him there is no right of redemption, and that as a bonafide purchaser for value you are afforded a number of protections under the law that may allow you to keep the home even if the lender may an error (though if the lender made a serious error the sale very well could be overturned). If he makes any demands simply note them and tell him you’ll have your attorney get back to him… I wouldn’t try to negotiate directly with him.
As I’ve recommended in the forums before, I always recommend you don’t contact the owner until after the deed is recorded IF you got a good deal and really want to keep the property. Easier for a lender/trustee to over turn a sale before the deed goes out, then after. On the other hand go contact the owner right away on marginal deals, as it may give you a chance to convince the lender/trustee to rescind the sale if it looks like it is going to be a fight.
Sean, the borrower has no right of redemption here in Illinois. Today it has called my attention that the property has been listed for sale as a “short sale”. I don’t want to rescind the sale. Could the sale be rescinded ? I have a deal, but not a HUGE deal. Do I have any protection? I won the bid and I have paid the property in full 1 week ago. What do you advice me?
Won’t hurt to return the attorneys call as I mentioned above. Otherwise wait for the deed. If you get it then proceed with cash-4-keys or eviction.?SeanSun Aug 15th 2010 at 10:21pm
Ok, I will return the attorney call as you recommend. Thanks a lot Gus