Foreclosure Auction of 40 Properties in Peoria and Tazewell Counties, Illinois, by Cotten Auctions of Peoria, Illinois

Lots of photos on the Sale Day Brochure. Expect a long download time. Be patient if you are on a dial-up connection.	See the legal notice for the full legal descriptions of properties to be sold.		Many of the properties have Code violations. There are pages for the individual properties at the Code Violations link.
2513 N. Wisconsin, Peoria	2911 N. Wisconsin, Peoria	2207 N. Delaware, Peoria	1633 N. Indiana, Peoria
708 E. Ravine, Peoria	915 E. Republic, Peoria	1023 E. Behrends, Peoria	1615 N. Peoria, Peoria
323 Richmond, Peoria	1003 W. McClure, Peoria	1923 N. Albany, Peoria	611 Harvard, Peoria
218 Van Buren, Peoria	714 N.E. Perry, Peoria	2207 N.E. Jefferson, Peoria	2505 N.E. Monroe, Peoria
3107 N.E. Adams, Peoria	708 Vine, Peoria	703 Fairholm, Peoria	643 Fairholm, Peoria
1500 N.E. Monroe, Peoria	1712 N.E. Madison, Peoria	1504 W. John Gwynn Peoria	1615 W. Ketelle, Peoria
1826 W. Ketelle, Peoria	1815 W. Martin, Peoria	1819 W. Martin, Peoria	2129 W. Millman, Peoria
2412 W. Howett, Peoria	2333 W. Proctor, Peoria	2300 W. Marquette, Peoria	1508 S. Stanley, Peoria
2405 W. Grinnell, Peoria	2726 W. Wyoming, Peoria	2908 W. Wyoming, Peoria	1920 W. Malone, Peoria
413 N.E. Perry, Peoria	413 N.E. Perry, Peoria	131 Elmwood, East Peoria	135 Center, East Peoria

Here are some questions that have been asked by prospective bidders.
1. What is a foreclosure auction? Foreclosure is a lending institution's remedy when a mortgage is in default. After securing a judgment in foreclosure as a result of court proceedings, a foreclosure sale is held. The foreclosed property is usually auctioned in a courtroom, with the proceeds being applied to the unpaid portion of the loan. Very often the lender (Plaintiff) bids the amount of the debt and acquires clear title to the property. Sometimes when the debt is less than the value of the property or the lender declines to bid the amount owed, other bidders have the opportunity to acquire the property at a very reasonable price and acquire clear title to the property. Another purpose of the foreclosure auction is to extinguish the rights of holders of second mortgages and judgments that may affect the property. Normally, a plaintiff's intention is to acquire clear title to a property as a result of the foreclosure auction. In this instance, however, the plaintiff in this foreclosure matter opted to petition the court to have Cotten Auctions conduct the foreclosure sale in a venue convenient to promoting the purchase of the properties by investors. In other words, the Plaintiff's motivation in this case is to convert their financial interests in these properties to cash rather than ownership.

2. Will I get clear title to the properties I buy at this sale? Most likely, yes... the foreclosure sale extinguishes mortgages, judgments (including municipal), and mechanic's liens of record affecting the real estate that are listed in foreclosure proceeding. However, the foreclosure sale does not wipe out real estate taxes, municipal liens, or special assessments that run with the land as a result of municipal powers, or prior liens, or liens not of record. The buyer at foreclosure is always responsible for real estate taxes owed on the properties, whether the buyer is the plaintiff in the foreclosure proceeding or if the buyer is a speculator or investor. The amounts of back taxes, current taxes, and known municipal liens are listed in the Sale Day Brochure. Although we hope to accurately list the municipal liens such as weed cutting or property cleanup or sanitary district liens, there is always the chance that there is a municipal lien in process that we don't know about, or there may be additional penalties assessed that would alter the amount of the lien. Some of the properties have delinquent real estate taxes that must to be redeemed as early as July 28, 2005. Delinquent taxes on some of the properties had to be redeemed before Sale Day, and the Plaintiff has paid the back taxes on 714 N.E. Perry; 708 Vine; 323 Richmond; 1712 N.E. Madison; 1003 W. McClure; one of the tax bills on 1819 W. Martin (1819 W. Martin is comprised of two parcels); and 135 Center in East Peoria. The Sale Day Brochure will be updated to reflect those changes.
3. Your terms say 20% down on sale day. How do I know how much money to bring? The best way to bring funds to a sale of this nature is to simply go to your bank and have several cashier's checks or certified checks made in various amounts or increments depending on what you expect to spend. These cashier's checks or certified checks should be made payable to yourself and then are simply made "pay to the order of" the Court's designee at the auction to complete your purchase. You will receive a "Receipt of Sale" for monies paid on sale day; you will receive a "Certificate of Sale" upon full payment of the bid amount, and a Judicial Deed can be obtained subsequent to obtaining the Certificate of Sale and confirmation of the sale by the Court.
4. When will I get possession of the property? NOTE THIS LAST MINUTE CHANGE: We have been informed by the Plaintiff's attorney that possession of the property will not be transferred to the buyers until the sale is confirmed by the Court. The confirmation by the Court takes a minimum of 30 days by statute before a Judicial Deed may be issued conveying the property to the buyer, subject to the rights of the parties in possession.
5. What does it mean when it says in the brochure that the property is "occupied"? These properties are all rental properties. Some of the properties have existing tenants and that is what "occupied" means. The Plaintiff in this foreclosure proceeding acquired court-ordered possession of these properties in January 2005. Since that time, the properties have been professionally managed with rents collected and tenant maintenance issues addressed. Some properties have valid leases in existence, but many are on month to month tenancy.
6. How can I get in to view the vacant homes? Call (309) 686-0558 to obtain the entry lock code. The tenant occupied homes are NOT open for inspection.
7. Can you explain the Code Violations pages to me? The Code Violations pages on this website are simplified from the original documentation from the City. Typically the case history on a property consists of numerous pages with only a line here and there defining the problem needing correction. The pages on this website are basically a summary of the violations on the properties in the interests of keeping things simple. There has been an effort in the last 3 months of Plaintiff's possession to correct problems (especially on occupied units), and corrected violations are shown with a line drawn through the violation on the individual pages. Some things have been further corrected since uploading the Code Violations pages to this website... for example: 413 N.E. Perry has been painted; 1504 W. John Gwynn has been painted; 1826 W. Ketelle has been painted; 1615 W. Ketelle has been painted; 1633 N. Indiana has been painted; 2405 W. Grinnell has been painted; and 1815 W. Martin and 1819 W. Martin have been painted. Promises were made to City of Peoria Code Enforcement that peeling paint conditions on some of the properties would be corrected in the month of May. Although the foreclosure auction is only days away, a continuing effort is being made to make progress upon existing neglect, even though the Plaintiff expects to not own any of these properties after May 25th. As the purchaser of these properties, it will be your responsibility to address any code violations that need to be corrected.

Cotten Commercial Auctioneers, Inc. Illinois License #044000115		Cotten Commercial Auctioneers, Inc. Indiana License #AC30300095
Joe Cotten - Registered Illinois Auctioneer License #041000209	Joe Cotten Registered Illinois Real Estate Broker Cotten Real Estate Company Established 1950	Joe Cotten - Registered Indiana Auctioneer License #AU10300141


	Fax: (309) 674-8940 email: cottenauctions@aol.com


	Fax: (309) 674-8940 email: cottenauctions@aol.com

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