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What does it mean when a house is in foreclosure, yet the are having an auction also on it?

found a foreclosure, but they are having an auction also.  It is not an absolute auction, so it could not be sold and just stay on the market.  what is the best way to pursue a home like this?  It is held by a bank, so I'm sure they have a price they will settle on.
suggestions?
  • October 30 2012 - US
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Answers (2)

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It is a closed bid auction.  It has only been in foreclosure for a month...which is a short amount of time.  I talked to the auction place and they aren't local...it is a country wide company...so don't know if that has any baring on the outcome?  The only thing they guarentee is the proof of title.  She said if they don't get what the bank wants, then it will stay on the market.  It is assigned to a Real Estate company already.   If it gets a contract, and the bank takes it they will take if off the auction list.  It sounds like they are doing two things at once?
  • October 30 2012
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If you are interested in the home go to the auction.  The aucioneer will have a set starting price.  If there are no offers at or above the sale price the bank buys it back.  Then the home will sit until the bank assings it to a real estate agent to prepare home and  put it back  on the market.  This could take several months. 
  • October 30 2012
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