Re: Illinois Surplus for Taxes
Posted by Bill H on May 29, 2005 at 23:00:37:
In Reply to: Illinois Surplus for Taxes posted by Illinois Lady on May 29, 2005 at 14:30:51:
: I bought a property at a sheriff's sale but not I learn that the property has back taxes that I owe as the new owner.: The price I paid at the sheriff's sale was higher then the first lien on the property.: Can I as the buyer of the forclosed property somehow get to the surplus of funds?: Do I have the right to get the surplus fund?
You posted:
1.I bought a property at a sheriff's sale but not I learn that the property has back taxes that I owe as the new owner.
Nobody's fault but your own. That is your fault for not doing due dligence PRIOR to the purchase.
2.The price I paid at the sheriff's sale was higher then the first lien on the property.
That often happens...you paid what you thought it was worth..or..what you had to bid to get it. Nobody made your do it. Be glad it was not a second lien or you would still owe the first leins.
3. Can I as the buyer of the forclosed property somehow get to the surplus of funds?
NO. You agreed to pay a certain price and you did. They go down the chain of title to the junior lienholders, and then to the prior owner.
4.Do I have the right to get the surplus fund?
NO, there is NO REFUND...you bid and you pay what you bid...NO REFUNDS.
You have learned a good lesson in bidding at foreclosure sales.....caveat emptor....do you homework BEFORE you bid...Investigate BEFORE you invest.
Either you now pay the taxes or eventually it will be sold for taxes.
Hopefully you did not grossly overpay and there are not IRS or other liens that might survive the sale.
Good Luck,Bill H
