Profile picture for zeimee

Condused about foreclosure auction

I want to bid on a house that is scheduled to go to auction soon, but I am a bit confused. The foreclosing lender is Bank of America, but last month the owner of the home did a quit claim deed to hand the property to PNC bank who is now listed as the owner. Why would PNC bank still allow the home to go to foreclosure auction since Bank of America would get the property if it is not bid on or would get any money if someone else bids on it?
  • February 13 2014 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (3)

Profile picture for zeimee
I did a title search and there are no liens on the property. I also know that the homeowners took out a second mortgage on the home so maybe that is why both banks are involved. If there are two mortgages on a property, how does that work for an auction?
  • February 13 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

They might not. The house could get up to the auction and they announce it won't be going up for auction, that happens  all-the-time  when the bank(s) and owners work out something. Bidding on foreclosure auctions is not safe, easy or for the newbie. You can get into a lot of trouble buying what you don't understand or know about. Any liens you also buy. Did you do a title search on the property before? The banks do. Investors that know what they are doing do too so they don't also buy a $10,000 tax lien. You need cash too, no loans.

Just wait for the bank to sell it when they own it, you will get a better deal I will bet you since the bank will then take the loss to sell it.

  • February 13 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It is possible that there is more than one mortgage on the home, one held by Bank of America and another held by PNC.  The former owners probably gave a Deed in Lieu of Foreclosure and PNC accepted it.  So, both banks have an interest in the Sheriff''s Sale (Foreclosure Auction).

  • February 13 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.