Foreclosure in 90815>Question Details

A Davis, Other/Just Looking in 90815

E. Ferro St. 90815 Why is this prop. still on the foreclosure auction list after 3 mons? Each mon. it is extended.

Asked by A Davis, 90815 Wed Mar 17, 2010

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Sandy Carroll’s answer
The owners may be trying to modify the loan, thus delaying the auction. I've heard recently that owners or their agents (meaning people that owners have hired, not real estate agents) will go to the auction, try to suggest the title is not clear, and the buyers will not bid on a house because they have title concerns.

Some banks do not want the expenses and liabilities of having the title, in some cases, they delay the auction until they are ready to resell the house. Having it occupied, may be more advantageous to them than having it vacant, susceptible to squatters, and the maintenance problems associated with ownership.
0 votes Thank Flag Link Tue May 18, 2010
Hello A. Davis,

90% of all foreclosures don't foreclose and get extended. They can be doing a short sale, loan mod or just luck of the Irish.

Monique Carrabba
Ecobroker and Realtor
The Carrabba Group
Keller Williams Hollywood Hills
P: (323) 899-2900
F: (310) 943-2421
Twitter: @moniquecarrabba
Facebook: moniquecarabba
Skype: moniquecarrabba
DRE License #01708376
0 votes Thank Flag Link Wed Mar 17, 2010
May not be worth it to buyers... with so many reo / short deals out there in the market the buyers may just have passed. Sometimes investors/buyers would go directly out to the property they are looking to bid on, so there may be some heavy damage or other issues hindering the sale.

Web Reference:
0 votes Thank Flag Link Wed Mar 17, 2010
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