Foreclosure is a term used to describe the process used to enforce a payment or obligation of a note on property that is secured by a deed of trust or mortgage. Cook County foreclosure auctions are held daily at up to 5 different locations in Chicago.

Some foreclosed properties need a lot of work. People losing their homes to foreclosure rarely move out with care, but most listings are no different than any other typical house for sale. It's important to check the house thoroughly before making a decision on buying.

21st Century utilizes an experienced network of real estate professionals to conduct property-specific research before bidding on a property at auction. Resources include:

• Extensive database, listing relevant information for every property expected to be sold at upcoming auctions
• Over 100 brokers and appraisers in the field
• 4 experienced Real Estate Attorneys to address any legal issues such as title work, closings and city code violations
• Management teams to oversee the rehab work (if necessary) and sell the property

Research is assembled and compiled into a daily spreadsheet which contains relevant information regarding each property that is to be auctioned that day. For each property being sold at the auction, the following information is provided:

• Status of the title (full title search conducted on each property)
• Perceived “As Is” value of the property
• Estimated cost of rehabbing the property (if necessary)
• “Fixed Up,” or rehabbed, value of the property (if applicable)
• Maximum amount to bid on the property at the auction