I’m a lawyer who has been looking into the Cook County Tax Scavenger Sale for some people thinking about participating. I’ve never handled this sort of issue before, and before I give any advice or information to them, I want to double check with someone who seems to know what he is talking about.
My clients go to the Scavenger Sale and purchase the lien (because they are actually purchasing a lien on the property in question, correct?) for $250 (I assume $250 because I can’t imagine anyone else would want to buy this little parcel). They now own a lien on the parcel. The current owner has a period to redeem it. Q1: What’s the period of redemption for a little tract of land with no habitable improvements on it? Is it 2 years? If the current own does not redeem the taxes on it, which they almost certainly will not, I transform the lien into tax deed. Q2: Assuming my clients then take ownership of the property after the redemption period is over, do they also have to pay the taxes and/or penalties on the property, or do they take basically as new?
To sum up, are my client looking at a 2-year ordeal? And will it cost them the tens of thousands in back taxes and penalties, or will they only end up paying the lien purchase cost plus court filing fees to perfect the deed?
Thanks for any information.
