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No one mentioned the foreclosure auction process because in Connecticut, nearly all foreclosure homes never go to auction. The foreclosure process varies from state to state. In California, where Pasadenan appears to be located, when a house goes to foreclosure, it is actually auctioned off at the courthouse steps. In Connecticut, homes are foreclosed in a court room and the home transfers immediately to the lender through the court action. There is no auction.
When it then comes time for the bank to sell the home, the bank hires a real estate agent who lists the home in the MLS, just like any other home that is for sale.Real estate laws and foreclosure process can vary greatly from state to state. Be wary of any advice from outside of your area.
Yes, agents can filter listings to include foreclosure listings only. However, many listings are not entered correctly and it, unfortunately,takes a bit more work to ensure that no foreclosure listings are missed.
Lisa - If you're looking to buy a bank-owned home, you should hire a real estate agent to work for you. When the banks are ready to sell the home, they hire an agent and the homes are put on the MLS, along with all other homes for sale. Yes, as agents, we can send you only bank-owned homes to consider.
Whoever your agent is, though, will probably recommend that you at least consider non bank-owned homes, too. Some sellers do price their homes quite well, as they want a fast sale. It would be a shame to ignore the majority of the homes on the market. If a home listed for sale by a homeowner - not a bank - is overpriced, then just ignore it.
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