Foreclosure and Bank Owned Auctions in Lake County, IL

Question 1

How many Foreclosures and Bank-Owned properties are in Lake County, IL, currently?

Accepted Answer

As of 4/1/2025, Auction.com has 546 Foreclosure and Bank-Owned
                properties in Lake County, IL with opening bids as low as $1.00.  386 are single family homes and 98 are condominium units.

Question 2

Where can I learn how to invest in Foreclosure and Bank-Owned properties?

Accepted Answer

Foreclosure properties and Bank-Owned properties each have their own unique buying process. Learn more about investing in Foreclosure home properties here and learn how to buy  Bank-Owned properties here. For more information on how to use Auction.com visit our FAQ section.

Question 3

How much does it cost to fix a Foreclosure house in Lake County, IL?

Accepted Answer

The cost to fix a foreclosure property in Lake County, IL can vary greatly depending on the condition of the property and the extent of renovations needed. Here are some factors to consider: 1) Home Inspection: Before purchasing a Foreclosure, it is recommended to hire a home inspector for a thorough evaluation, if possible. Costs can vary, but it's worth the price if the inspector uncovers a major structural issue or another pricey problem uncovers a major structural issue or another pricey problem. 2) Home Repairs: Foreclosures are likely to need some work. The list of repairs and renovations needed can be long. 3) Renovation Costs: Home renovation and remodel costs can vary depending on the condition of the home and what remodel plans the buyer has.