Profile picture for user2734739

What does pre-foreclosure auction mean?

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 25 2013 - Mill Creek
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (6)

I'm not sure getting a receipt would protect you from paying the wrong party, but you should clearly get a receipt any time you pay rent.  I'm also not sure how much risk you would face paying the wrong party if the right party had not contacted you demanding that you pay them rent.  There are situations where an assignee needs to notify the party obligated, but I've not seen or heard of that being applied to this area.  Interesting issue.

One thing you can do in most counties is search for foreclosure activity against your landlord on the county recorder's website.  Every three months should probably be sufficient until you notice foreclosure activity, since the notice of trustee's sale is recorded at least 90 days before the sale date, but every 60 days might be better so that you preserve some options, and have more time to contact someone for help.

This is an area where I would recommend a tenant contact an attorney or a tenant union, because in addition to paying the right party the tenant also needs to worry about how long they can stay after a foreclosure and also what happens to their deposit.  These situations can be very fact specific, so relying on answers obtained on the Internet is not a good substitute.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
1 day ago
Profile picture for sunnyview
"Ok so if manager lost the property how do we know? do we keep paying rent?


You don't know, so make sure to get a signed receipt and some proof of payment (check, money order etc) every month for your rent to show you are paid up. If the owner/manager does lose the house, you will be protected as a tenant for the remainder of your lease as long as you can show you are current on rent. 

If the new owner or bank wants you to move early, they are out of luck and may choose to offer you cash to pay moving expenses if they want the lease to end.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
1 day ago
Profile picture for elviaruiz19747
Ok so if manager lost the property how do we know? do we keep paying rent?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
1 day ago
Profile picture for strfshgirl
so if you find a realtor that is capable of doing this process, can you still get a traditional loan or do these auctions have to paid for with cash ?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 12

Or sometimes it could just be old information that you are seeing.  The property owner could have already paid the late taxes or mortgage but the information has not been reflected on this site.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 26 2013
Pre-Foreclosure means the bank possibly started the process to seize the property from it's current owners OR it means the Savvy Real Estate Agent is smart enough to get the interest up BEFORE the bank attempts to Foreclose on the property.  Either way..  Good deals for buyers. If your state allows a realtor to do an auction great some require licensed auctioneers and there is a process for that and both the buyer & seller/bank will pay an auction fee.  If it is a realtor doing it...  you should expect an open reserve style multiple bidding auction process... in short you will be competing with multiple buyers however most will bow out early. The key here is LEARN WHAT THE MARKET VALUE IS PRIOR TO YOUR BIDDING AND SET A CAP ON HOW MUCH YOU WOULD BE COMFORTABLE SPENDING after you've learned your market!!!
(Good Luck)
Jerel Washington
[deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 25 2013
 
Related Questions
What does pre-foreclosure auction mean?
Profile picture for Kary L. Krismer
Latest answer by Kary L. Krismer
1 day ago | 6 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 14507 42nd Dr SE, Snohomish, WA Home For Sale
    14507 42nd Dr SE, Snohomish, WA 98296

     For Sale: $565,000

    • Beds: 4
    • Sqft: 2956
    • Baths: 2.5
    • Lot: 6969
  2. 2730 167th St SE, Bothell, WA Home For Sale
    2730 167th St SE, Bothell, WA 98012

     For Sale: $369,000

    • Beds: 4
    • Sqft: 2405
    • Baths: 2.5
    • Lot: 8712
  3. 2812 131st St SE, Everett, WA Home For Sale
    2812 131st St SE, Everett, WA 98208

     For Sale: $350,000

    • Beds: 3
    • Sqft: 1870
    • Baths: 2.0
    • Lot: 9583
 
 
 
Sign in with Google