HOW DOES THE JUDICIAL BIDDING PROCESS WORK?

In Cook County, the majority of foreclosure properties are sold by private selling officers at auction. Potential bidders are typically required to register ahead of the auction bidding date. This will require proof of funds to bid. At the auction itself, each property is called by the selling officer, who begins the process by presenting the Lender's bid and continuing until there are no other bidders. Generally speaking, the selling officer must accept the highest bid, and the trial court cannot revise the bid.

What if the successful bidder is not the Lender?

If the successful bidder is not the Lender, it must pay a sizable deposit (usually 25-33%) on the spot and the remainder within 24 hours of the auction.

What if nobody bids higher than the Lender?

If the Lender is the high bid, the foreclosure judgment amount and allowable expenses are credited to the bid. This means that the Lender typically does not have to pay the full bid price in cash. In this context, a "full credit bid" is a bid in an amount equal to the unpaid principal and interest of the underlying mortgage debt.

When does the successful bidder take title to the property?

The successful bidder doesn't receive the title to the property at the conclusion of the auction. Instead, the bidder receives a receipt from the selling officer which describes the property and winning bid purchase amount. The selling officer issues a certificate of sale once the bidder pays the sale price in full, and it is subject to confirmation by the court.

If you would like to learn more about the judicial auction process, an experienced attorney can help you navigate the process. At The Law Center, we are a team of specialists that are passionate about the foreclosure process from start to finish and helping homeowners at the highest level. Our staff and attorneys approach each client and each property as a new challenge, one that requires thorough analysis, zealous representation, and thoughtful strategy. It’s your home, let The Law Center help you defend it.

Call us now and speak with a foreclosure expert on how you can make the foreclosure process work for you -- not against you. (312) 600-8815

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