Chicago, IL asked in Foreclosure and Real Estate Law for Illinois

Q: How long after winning foreclosure auction may I begin work.?

I purchased an abandoned foreclosure in Stark County IL on Sept 28th 2021. It was winterized by the bank in March of 2021. The door was open so I changed the locks. The roof is leaking and needs to be replaced asap. What risk is there in doing substantial work immediately?

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1 Lawyer Answer
Erik K Jacobs
Erik K Jacobs
  • Rockford, IL
  • Licensed in Illinois

A: I'm assuming that the sale has not yet been confirmed by the Court. You have a few different risks. First, Since the sale has not been confirmed, there is a chance, albeit a small one, that the Court will not approve the sale. Second, I am not sure whether you have had any title work run on the property. If not, there is a risk that there may be other liens on the property that were not foreclosed. Or worse, unpaid taxes. With respect to my first point, the simplest thing to do is to contact the bank's attorney and ask him/her when they are going to ask the Court to confirm the sale and ask whether they have any reason to believe it will not be confirmed. That will help you assess your risk.

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