Chicago Heights — Ch. 22 Housing, Dangerous Buildings and Structures § 22-54

(a) Contracts for sale. Contracts for the sale of residential real property owned by the city may be let to a responsible bidder, as hereinafter defined, after advertising the property in the manner prescribed in paragraph (b) of this section or listing the property with a real estate broker as prescribed in paragraph (c) of this section. Any such contract may be contingent upon the purchaser's ability to secure the necessary financing. Contracts for the sale of residential property may be let to a 501(c)(3) organization qualified to rehabilitate the premises, if necessary, without advertising or listing. All contracts for the sale of residential property must be approved by the city council. All sale contracts shall require the closing to take place within sixty (60) days of the obtaining of a commitment for financing and, if applicable, the depositing of sufficient security with the city to ensure completion of all required improvements under the rehabilitation plan.
(b) Advertising. Advertising, if required for the sale of property owned by the city, shall be by a written notice published in a local newspaper having general circulation in the city. Such notice shall include a description of the property and shall state the sales price. In the case of a sale, information concerning required repairs and improvements, if the premises have not been rehabilitated to conform to code requirements, shall be made available to any interested party.
(c) Real estate brokers. Upon approval of the mayor, the city may list any parcel of residential property for sale with a real estate broker provided that such broker is licensed with the State of Illinois and is a member in good standing of a multiple listing service. Any listing agreement shall require the real estate broker to conform to the requirements of this article and shall not be for a term in excess of three (3) months. Such listing agreement may be extended for an additional term of three (3) months after approval by the city council. The city shall not enter into more than three (3) listing agreements in any calendar year with any one real estate broker or firm of real estate broker.
(d) Responsible bidder. A responsible bidder is a purchaser who can demonstrate:
(1) In the case of real property where the premises are in compliance with all applicable code requirements, the ability to pay the purchase price, including all closing costs, or procure the necessary financing therefor; or
(2) In the case of sale of real property where the premises are not in compliance with all applicable Code requirements, the ability to pay the purchase price, including all closing costs or procure the necessary financing therefor and such additional amounts as determined by the director of commercial and housing code enforcement as necessary to pay for the repairs required under the rehabilitation plan to bring the premises into compliance with Code requirements within six (6) months of the date of closing. The director of commercial and housing code enforcement may require such responsible bidder to post surety with the city, in a form approved by the corporation counsel, in an amount no less than the estimated costs of the rehabilitation plan.