Two entirely different questions:
To buy at an AUCTION; the Trustee Sale, you will need to bring all CASH; are you prepared to do that?
The houses at the Trustee Sales usually go back to the Bank, as they offer the amount of the LOAN, which is more than you would offer.
To buy at a private AUCTION; you would need to be very, very careful; usually you do not know what you are buying, do not have the opportunity to inspect, do not know about any LIENS, and basically have no protections.
To buy a FORECLOSED house, you would need to have a Buyer's Agent, to help and protect you: The Banks are so careful about this, that they are paying that Agent's commission for you.
Good luck and may God bless... more
When the bank takes the house in its possesion, the eviction process can take up to six months. First, the bank send an REO agent to negoiate the relocation fee .. Our asset managers give us the authority to give a set amount and as time goes by the amount is lessened. What the previous home owner does not realize is the bank has hired an attorney to work simutaneously towards the eviction and the next three-four months are going to court to evict the previous homeownerers. The sad part is when we arrive with the sheriff and locksmith to re-key and they are always in shock and wished they had accpted the first offer. The thought they could stay ayear because their cousins neighbors brother wifes friend who goes to church with the son-n-laws best friend told them they could live for free for another year. In fannie mae instance, if the homeowner had a tenant with a lease, they offer the tenant an option to finish the lease out. There are several case by case scenarios. If you like, send me a direct message and i can do some further investigation for you. email me at C21Astro@gmail.com
Mark Anthony Ruiz
Even if you called up the bank you wouldn't get an answer to this question. This is called "Shadow Inventory" & the banks are controlling market prices by bringing homes back on the market as REOs when THEY want to. We won't know when that date will be until an asset manager is assigned & the property is put up for sale. The previous owners who are living there, however will probably get a notice as much as 30 days in advance because they'll be given notice to move.
Shoot me an email directly if you want to talk about this some more, I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors
Short Sale Expert... more
There are rare situations where a bank will rent back to the owners foreclosed upon when extenuating circumstances exist (health, children, etc). There are rumors that banks are considering this more and more but it runs head into liability issues and most banks/lenders and their attorneys are not prepared to be landlords.
Generally, the foreclosed owner is presented with "cash for keys" by a REO agent, sheriff, or the like. The owner may have hours or days to vacate. Typically hours, since the bank does not want the owner to have time to "trash" the place.
If the bank/lender has not yet foreclosed, and the house is being short sold, the owner can remain on the property until title changes to the new owner. This may be the situation here.
Contact a local real estate professional to help you find out more details about this specific home.
They could stay and rent if the new owner allows it, but if a banks takes it back they will usually not allow that. Remember, you just stuck them good and they are going to want to sell it to recoup some of the money they lost or will lose. Banks don't want to own property so they will move to get a value it would sell for and get it ready to sell.Having a renter in it just hinders that goal.... more
I would like to find a statute of limitations on how long a home can remain in foreclosure. I have not found one yet. A colleague of mine has his home in foreclosure for four years now with Bank of America. I believe that must be one of the longest time periods out there.
Diane Wheatley, Broker
(909) 981-5400... more
It will depend on the character of the homeowner. I have seen a homeowner foreclosed in 12/08 and got an attorney and fought the bank claiming they didn't follow procedure and tied up the whole thing in court for a year plus another 3 months for the eviction process and just moved out last month. The bank will attempt to offer cash for the keys and asking them to leave the home intact. They will evict if necessary. The homeowner may have already moved out knowing their home is no longer theirs. It really does depend on the individual how hard they will make the process for themselves. If the home is tenant occupied they will have 90 days. Too many variables.... more
There are numerous services out there that you can pay for to give you that information, and these services comb through county records of public information to provide you with the data. Instead of paying for the service, and because it is freely available you could comb through the data yourself...or you could pay nothing, and work with a REALTOR who may specialize in this type of property. I hope this helps.
Windermere West Valley
Yes, it is still available, actually it has just been put on the market. It is a short sale and the listing agent anticipates multiple offers. If you need more details, please email me at email@example.com or visit my website at loubandb.com and search out Cerritos. This property will come up.
Coldwell Banker... more