A new development for those interested in purchasing properties at foreclosure auctions.
Effective January 1st, Illinois law permits the sheriff or other persons conducting judicial sale of real estate in mortgage foreclosure proceedings to do so either in person, online or both. 735 ILCS 5/15-1507(b)(2).
Of course, one goal of the change in the law is to help to expand the number of people interested in and able to attend auctions.
The new rules for this online sale procedure at included in the Mortgage Foreclosure Law at Section 15-1507.2.
Interested bidders should be aware that the person/entity conducting the sale can add a fee for associated costs of the online sale provider, and the supervising court must be satisfied with the process and procedure for the online auction and record-keeping steps, and bidders registration will be set up to assure pre- and post-sale communication and compliance.
We will be watching for updates from the Sheriff’s Office and most-used judicial sales entities, to keep our clients advised.
