Foreclosure in Novato>Question Details

lfw3006, Home Buyer in Novato, CA

How do I get info to purchase this property since its foreclosed?

Asked by lfw3006, Novato, CA Wed Mar 20, 2013

--
This question was asked from this property: http://www.trulia.com/foreclosure/3107443255--San-Carlos-Way…

Help the community by answering this question:

Answers

3
There is quite a process involved when a property is in default. If the loan/loans are in default, the lender first records a Notice of Default. The borrower has 90 days from the recording of the notice to bring the loan payments current or to make other arrangements with the lender such as a loan modification. If the loan payments are not current after 90 days, the lender can then record a Notice of Trustee Sale giving a date and time for the Trustee Sale. The Trustee Sale is held 21 days from the date that the notice is recorded. If nobody bids on the property at the Trustee Sale, the ownership of the property goes back to the lender. Then, the lender or a third party company representing the lender will hire an agent to market the property. If there are people occupying the property, they have to be evicted or encouraged to leave before the property can be prepared to market. We represent lenders who have properties to market, so we could explain this in much more detail. There is much more to the process than meets the eye.

Let us know if you have any further questions!!
0 votes Thank Flag Link Wed Mar 20, 2013
What about if it's already Bank Owned, but doesn't appear to be on the market "officially" yet?
Flag Fri Apr 19, 2013
By the way, just because it has notice of auction (or trustee sale) does not mean a property is actually foreclosed - they can often be postponed. - unless you know the property has actually been auctioned off or went back to the lenders after being foreclosed on.

Sylvia
0 votes Thank Flag Link Wed Mar 20, 2013
Sylvia Barry,…, Real Estate Pro in Marin, CA
MVP'08
Contact
Looks like the same type of deals as that on the question you asked about San Felipe way!

Sylvia
0 votes Thank Flag Link Wed Mar 20, 2013
Sylvia Barry,…, Real Estate Pro in Marin, CA
MVP'08
Contact
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer