HOW DOES THE TAX BUYING PROCESS WORK:

If a property owner does not pay his property taxes for a period of two years or more, that property is eligible for sale at the Cook County tax sale. The tax lien, which is a lien of first position on the title, is sold to the highest bidder who will receive a tax certificate. If the certificate holder files a tax deed petition, the delinquent property owner will only have 5 months from that filing date to pay all back taxes, penalties, interest and costs to the county in order to save his property (redeems the property taxes). If there is no redemption then the certificate holder can obtain a deed within approximately 30 days. This foreclosure process is handled by an attorney specializing in this area of real estate taxation law, and costs approximately $2,000.00. What a Tax Certificate holder receives at the end of this process is called a "Tax Deed" which is granted by the court. A Tax Deed is usually a perfect title and extinguishes all other encumbrances on the title including mortgages, mechanics, liens, utility bills, leases, etc. One other cost that must be considered by Tax Buyers is called "subsequent taxes" or "subs". Near the end of the foreclosure process the court will require that the property taxes be brought current before issuing a Tax Deed. "Paying the subs" usually involves the payment of those taxes accrued between the years that were sold at the Tax Sale and the current date, typically 1 to 2 years of taxes. In short a person buying a Tax Certificate has 3 separate costs to consider to get a clear title:

1. Cost of the tax certificate (paid to us at time of purchase).

2. Attorney's fees and filing fees & costs (paid to the attorney directly).

3. Cost of any subsequent taxes beyond the tax years on the tax certificate to be paid after redemption has expired (which is 6 months from date of certificate purchase). This cost is paid directly to Cook County Collector.

If there is a demolition lien recorded against the property, you will be required to pay that demolition lien before a tax deed can be issued.

The process is somewhat complicated but we can help arrange for an attorney who can handle everything for you so that you will never have to leave your house. These extra hassles are balanced by the considerable bargain factor that exists in acquiring property in this manner.

WHERE ARE THE PROPERTY LOCATED:

Properties on our list are located throughout Cook County but mostly in Chicago and mostly on the South, South West, and West sides.

WHAT ARE THE TERMS:

We sell Tax Certificates for cash, purchases under $10,000 must be paid in full at time of purchase. On purchases over $10,000 sometimes we offer short terms of one half down and the full balance within 30-60 days. We do offer discounts for bulk purchases. We sell most everything with a redemption guarantee, meaning that in the unlikely event that the delinquent owner redeems his taxes within 6 months we will refund all money paid to us by the purchaser.

CAN I GET QUICKER POSSESSION:

A tax certificate holder has no ownership interest in the property until he receives and records his Tax Deed and has no right to enter the property. However, there is a way to get quicker control of the properties, such as: receivership granted by the court.

WHAT ABOUT VIEWING THE PROPERTIES:

We do not show properties. We do not yet have possession of the properties so we have no way to show them; that is why we sell our certificates at such a low price! We also almost never have any current or historical income or expense information on the properties. Owners are not likely to cooperate in our information gathering efforts. You may want to do some of your own snooping around or detective work to learn what you can about the properties.

WE DO NOT HAVE ANY ZONING INFORMATION ON THE PROPERTIES ON THE LIST. PLEASE CONTACT THE CITY OR VILLAGE WHERE THE PROPERTY IS LOCATED.

You can hit the streets and look at those properties that interest you or view photos via our Web site, CookCountyLand.com. We can explain the process to you in greater detail. You are welcome to call us anytime, 9:00 A.M. - 5:00 P.M. at 1-312-223-1145 .

All redemption periods are six months except for single-family homes and 2-6 unit buildings which are 2 years.

Reminder: A Tax Deed extinguishes/wipes out all taxes and all liens on title, except for demolition lien.

We hope this information has inspired your interest.
Call us anytime at 1-312-223-1145 for an appointment to purchase at our downtown office.

Note: Prices are subject to change without notice.

Banks do not loan on tax certificates. Banks require a clear title before they will make a loan. After you receive a deed from the court and record it, you will have clear title. Then a bank may make a loan, if you and your deal are loan-able.

Note: A Tax Certificate is not a deed but will lead to a deed in 4-6 months. A Tax Certificate extinguishes (wipes out) taxes and gives the Certificate holder the right to foreclose and receive a deed issued by the court. A tax deed is almost always a perfect title.

Some Attorneys That Specialize In This Area Of Law