Chicago Law Bulletin Foreclosure Report ???
Can someone tell me the difference btw Judicial, Intercounty, Special Commissioner's Sales etc?? Should I be concentrating on these that have Sale Dates posted or am I only to be concerned with Federal and Circuit Court Foreclosures?? I appreciate the help!
The key difference is the word SALE in the description. Judicial, Intercounty, Special Commissioner's and Sherrif's Sale are entires that designate SCHEDULED foreclosure auctions. That means that on the listed date and time the property will be auctioned off. Usually, from what I've seen, you have anywhere between 3-6 weeks from the date of the report until the date of sale(usually more like 3-4 weeks). That means you can either show up to the auction with 100% cash, or you can try to bail the owners out before the auction(by paying off the foreclosing lien).
Chancery and Federal Court records a new foreclosure filings - Notices of Default. In Illinois it means that the foreclosure suite has been filed by the bank, and it will probably take 7-9 months until it will be actually scheduled for sale. These are the properties you can go after and buy them subject-to, etc., because in Illinois you can reinstante the mortgage within 90 days after Notice of Default.
Like I said before, if you don't have 100% cash to buy properties at the auction or have hard money investors lined up that will buy out property right before the foreclosure, you should probably focus on Noticeds of Default.
Good luck!