Public Administrator

Public Auction

Selling real estate is a major priority to protect a decedent's assets. The fairest way to do this is by auctions which are always open to the public. The Illinois Probate Act mandates that this real estate be sold for no less than 2/3 of the appraised value. This 2/3 of appraised value becomes the beginning bid for auctioned real estate. Most properties, however, are sold for more than 2/3 of the appraised value. 

The Public Administrator auctions these houses, condos, co-ops, multi-flats and sometimes even commercial property four times per year. Dates and times are published in advance.

 

Auction Mailing List

Anyone can ask to be put on the Public Administrator's auction mailing list. Please be advised that at this time we do not send auction information via e-mail, but only to regular postal addresses. We will mail you a free flyer before each auction. 

The auction flyer tells potential buyers the property address, the appraised value, age of the building, real estate taxes and a general overview of the property. 

The flyer also lists the open house date when each property can be seen before the auction. That single viewing time and date is the only opportunity to inspect the sale property. 

IMPORTANT NOTE: If you want to be put on the free mailing list for future auctions, you MUST include your full name and *postal* mailing address in the message box that will appear after you click the link in the next line. 

Click here to be put on the free mailing list for real estate auctions ONLY IF you include your full name AND postal mailing address in the message box that will appear. 
 

Winning Bids

At the auction, winning bidders must present a non-refundable earnest money deposit for 10% of the sale price. A certified check, a cashier's check or a money order for 10% of the beginning bid is required, while a personal check and/or cash for 10% of the difference between the beginning bid and the winning bid will need to be presented at the public sale. 

Example: If a property has an opening bid of $50,000 and the final gavel price is $60,000, the successful bidder would need a certified check, cashier's check, cash or money order for $5,000 (10% of the opening bid), and can give cash or a personal check for the additional $1,000 (10% of the $10,000 difference between $50,000 and $60,000). 

Auction attendees are strongly advised to make all certified checks, cashier's checks and/or money orders payable to themselves, as they may not be the successful bidder. By doing so, you will be able to redeposit the funds into your own bank account without any problems if you do not win the auction. 

Property is sold in "as is" condition, and the buyer will agree to indemnify the seller against all environmental liabilities. The seller will provide the purchaser with a mortgage survey and a title insurance policy free of exceptions, using a recognized title insurer. 

Standard real estate tax prorations will be credited at closing. The purchaser is allowed sixty (60) days from the date of the auction to be ready to close, or the NON-REFUNDABLE earnest money will be forfeited. There is no mortgage contingency.