Mr. Tepper
I am sorry that I have offended you. I would gladly pay for reliable information. I have heard negative things about RealtyTrac is all. Again, sorry to have offended.

Danilo
Thank you so much for that information and the news story. I do appreciate all the valuable information!!

Sun May 11 2008, 12:15

As soon as the house goes to auction and is not bought by a bidder, it's an REO. The real question is: How long after the bank takes over ownership will it be placed back on the market as an REO? That can vary, depending on the bank. Maybe weeks, maybe a few months.

You can get a list of preforeclosures from The Washington Post. They're published in there every day. Just one point: You refer to RealtyTrac as "a scam." Be very careful with such language. Charging for a service doesn't make it a scam. I pay $10 a month to another company for a list of preforeclosures in Fairfax County. (Contact me offline and I'll give you their contact information; they provide lists for various counties in Northern Virginia.) Just because I pay money for a service I value doesn't make it a scam. Now, if you have a dispute with RealtyTrac, I suggest you contact your state attorney general's office.

Hope that helps.

Sun May 11 2008, 11:05

Peggy,

Foreclosure process/proceedings (including the auction process) take about 60 days in Virginia. If no one bids at least the reserve, then the property is sold back to the bank. When the property actually "comes on the market" depends on the bank's personal timeframe. That could be from a few weeks to a year.

If someone actually bids at least the reserve (almost non-existent these days), there's no way to tell what will happen. The person could want to live in the property as their personal residence or it could be an investor looking to flip it.

As I mentioned, there are very few people attending auctions, let alone buying anything. WJLA/ABC 7 News ran a story on auctions in which I was interviewed for just the other week. Check out the story here - http://realdiablog.typepad.com/loudoun_foreclosures/2008/04/…

Hope this answers your question. If not, let me know.

Danilo

Sun May 11 2008, 10:18

Let me rephrase. How long between an auction that did not sell the house to REO?

THANKS!!

Sun May 11 2008, 05:58

An auction usually sells the house and it does not go to REO, if I understand you right.

Sun May 11 2008, 05:01