Posted by luke-NC on September 17, 2004 at 10:28:10:
no one buys at the auction so now the property goes to the REO dept at the bank. Then, it gets listed with a realtor and you’ll have to go through that realtor to get the property
auction done, no one buys property - Posted by Paul
Posted by Paul on September 16, 2004 at 23:01:24:
I realize that if no one takes the property at auction that what is owed might exceed actual price of property. Does the bank now have control of the property after the sale and will the bank work with someone to get the property off of their hands quickly. Is this similar to a short sale? Reason why I am asking is if a million dollar home is being foreclosed on, chances are it wont be grabbed up at auction so something should be done to work with the holder now of the property and to obtain it at a discount. I dont know, just a thought.
Re: auction done, no one buys property - Posted by arlanj
Posted by arlanj on September 17, 2004 at 08:16:16:
The banks will usually bid to buy the property up to what they have in it.
If that is what happens, the bank can/may be contacted and a purchase made, or the banks will send it to a REO seller to dispose of it. Either way the bank wants to get its money back.