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what doesforeclosed mean? Has the home sold or were all bids rejected?

  • October 09 2013 - US
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Answers (3)


  1. A financier will foreclose when the owner does not pay monthly mortgage payments as agreed in the mortgage and note. It does not have to be a bank that forecloses. An owner that agrees to carry financing for the buyer may also foreclose. It's a take back. 

    Foreclosures generally don't go on the market for sale immediately. These are the houses you see boarded up and stickers on the doors. If you are watching a property your best bet would be to find out if it has been auctioned yet. If not then find out the date and try to buy it at the auction.

  • October 09 2013
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Just means the bank has taken possession of the property and trying to recoup some of the money that loaned to obtain the property originally and it's usually available for sale or auction.
  • October 09 2013
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It means the bank/lender has taken possession of the home in order to sell the property in order to pay off lien and recoup some legal fees. The bank/lender will contact a real estate agent in order to list the property or put it up for auction at the courthouse steps. The majority of banks/lenders will try to sell prior to auction. From what you have posted, I doesn't sound like it has sold. You can always wait to see if it gets listed with and agent and put in an offer. 

Good luck!
  • October 09 2013
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