Remember the house in Lake in the Hills that the owners abandoned? And in which pipes burst and flooded the house? And which was foreclosed on? And the bank didn't want it and deeded it back to the owners? After which the owners deeded to the Village of Lake in the Hills?
The village spent $30,00 to rehab the house, and how it wants to unload it even though, according to this morning's Northwest Herald article (Page 1B-4B) says "Significant work is required to make it livable."
The plan is to auction the house. What do you think of its plan? Here's the gimmick.
The village has not only set a reserve (any eBay bidder knows what that is) AND it is requiring bidders to cough up a $5,000 non-refundable deposit just to bid.
Unfair? Unconscionable? Unethical? Is it even legal?
When you don't know what the reserve is, you are gambling with your bid. Who is his right mind would throw $5,000 at the Village just to bid, without knowing the minimum selling price?
And the village wants $5,000 to bid?
You never know who is interested…
3 months ago
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