Profile picture for Scanner7

How does a potential buyer know when and if a property was auctioned?

There are numerous single family residences that have been on zillow for months at a time with Pre-foreclosure status.  What determines when a foreclosure property goes to auction?
  • October 07 2013 - Leimert Park
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Answers (6)

Profile picture for Blue Nile
Zillow provides two kinds of "pre-foreclosure" information from the public records:
1) 90 day late notice (3 months of missed mortgage payments).  Most of those never go to auction as they get resolved by the owners.

2) "Auction date set".
Although the auction date can change, the date published is a good indication of the approximate time frame that it should be at auction.  Zillow does not "update" these records, and doesn't seem to have a clear policy on what to do with "pre-foreclosure" markings after the auction date.

I've asked, and they responded they would look into what their policy is and get back to me; but they never did.

If the auction date has passed by more than a few months, likely it was sold at the auction or is now REO (real estate owned) having been bought back by the lending institution at the auction.

Each of the home details pages with county records seems to have a link to the county tax assessors web-page for that property.  If the auction date has passed, check the tax assessor's records.  It should indicate the present owner.  Also check to see if Zillow indicates any "sold" dates after the auction date.

What determines when something goes to auction?  1) Sufficiently behind on mortgage payments (more than 6 months).  2) The resources of the financial institution for processing a foreclosure, and the impact that a book-loss would have on their lending portfolio.

(In other words, it is mostly a decision of the lender that the money is owed to).
  • October 08 2013
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Profile picture for CallTheSisters
No one can predict when or if a home will ever go to auction.  The bank buys the home back anyway so there are few if any deals at those auctions.
  • October 07 2013
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Profile picture for Dunes ..
If you are interested in that type of thing then you may wish to check out the information provided for Free on your State/County/City web sites

California has some of the best and easiest County ect. Public Record sites with info explaining the process, property lists ect,
Give it a look...

California - Foreclosures and Tax Lien Sales

Nationally:..Foreclosures and Tax Lien Sales

Lots of info:...Free Public Records Directory

also

Many Banks have created Sites for the Public to use (For Free) to view and find Information about the Properties they have Listed for Sale, Programs
Sites Like..Bank of America...Wells Fargo...CitiMortgage

You can find links to Bank sites here...Link

The Fed Gov has Sites for its Properties for sale/Info on programs/loans
HUD Homes...HomePath.com (Fannie Mae)...HomeSteps (Freddie Mac)

You can find the links to Gov sites here...Link

Good Luck & Good Hunting
  • October 07 2013
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Profile picture for Dj1885
Foreclosures and bank sales are all matter of public record. You could ask your real estate agent to pull the property profile that will give you this information.  
  • October 07 2013
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A lot a property information  is public.  Notice of Defaults are recorded with county and in many cases it specific to many details, and within the information it states the location of the Tax Assessors office where the auction would be held and on what day.  There numerous of services out that one can obtain to follow property that become in default.  FYI many times the auction date may also be pushed back. Hope this helps.
  • October 07 2013
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You ask your Realtor to check for you. As far as auction..first a notice of default is filed against the home once the homeowners are behind in payments..generally after about 3 mos worth. If the owner cannot make up those payments, or short sell, it is than scheduled for auction. Please Note: This is just a really rough guideline. There is much more to the process. Susan Bo'ur Realtor/Coldwell Banker Santa Monica
  • October 07 2013
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