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Foreclosure Property Sale
Q: Where are the Sheriff Sales Held?
A: The sheriff sales are held Monday through Friday – excluding holidays – at 1 p.m. at the Daley Center, Lower Level Room 06, 50 W. Washington, Chicago, IL 60602
Q: What are the Terms and Conditions of the Sale?
A: 10% down of the final bid must be paid at time of sale. The remaining balance is due within 24 hours and must be paid via certified check or cashier’s check.
Q: Does the sale need to be approved by a judge?
A: Yes. The attorney for the plaintiff must file a motion to approve the sale, which must then be granted by a judge.
Q: What documents does the plaintiff need to provide the sheriff’s office after the sale so it can be approved?
A: After the total sale price has been paid the purchaser, the attorney for the plaintiff will provide the following items to the sheriff’s office to be executed: Report of Sale, Certificate of Sale, and Receipt of Sale. After the documents are executed by the sheriff’s office, the plaintiff’s attorney must then present the documents to the judge. Plaintiffs’ attorneys are asked to please ensure that the documents are brought to the sheriff’s office to be executed at least 4 days prior to the scheduled court date.
Q: Does the sheriff charge the plaintiff a commission a sale of property?
A: Yes. The fee for conducting a sale is $265.00 per property.
Q: If the judge does not approve the sale, will the purchaser be refunded the sale price?
A: Yes. The purchaser can obtain a court order to receive their funds back.
Q: How do I receive a deed?
A: After the Sale has been approved by the court, the purchaser may then prepare the deed for execution by the sheriff. The sheriff’s fee for execution of the deed is $15.00. The purchaser is responsible for recording the deed with the Cook County Recorder of Deeds Office.