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after a house goes into aution for prefoecloseure when can i put a bid in if no one buys it

  • April 25 2013 - Town of Farmington
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Answers (1)

Homes do not go into auction for anything but the foreclosure auction which is the termination of the foreclosure. It is no longer properly called a foreclosure after it is over and the lender forecloses. After that it is owned by someone or some thing, like the lender that foreclosed, and then it is Bank Owned or also called REO (real estate owned) but it's no longer in foreclosure or improperly called a foreclosure. You could call it a foreclosed home which would be somewhat correct.

Pre-forecloure is a term some realtor came up with. It is a short sale where the owner is selling for less than enough to pay off the loan on it and so the lender must agree since they will lose money when / if it sells. The owner tries to do this before the lender gets around to foreclosing, hence the name pre-foreclosure. Short sales are not certain to happen, the bank can say NO and move to foreclose. There is no auction until the auction to transfer ownership from the owner to the new owner after the auction and these can be called a trustee auction, sheriffs sale or something like that, they are the same. These homes require cash to buy and you really have to know what you are doing since you get all liens against the property if you win the auction. Once the bank buys it back at the auction, which is usually  what happens, then they get around to listing it for sale with a Realtor in weeks to months to come. You place an offer to buy it just like buying any other home from Mr Jones or Mrs Smith. It will be the bank selling it and they decide if they will accept your offer or not. Your Realtor can guide you.

tim
  • April 25 2013
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