Foreclosure in Beverly>Question Details

Househunter, Other/Just Looking in Beverly, MA

This house on ropes street was it auctioned off? or does the bank own it i am confused

Asked by Househunter, Beverly, MA Tue May 18, 2010

how would i find if it is still owner occupied, im new to this whole forclosure stuff, what happens if the owner is still living there and someone wants to purchase it

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Answers

2
Hi,

This property was scheduled for auction on May 3rd, often times the current owner is able to get the auction postponed while they attempt a work out with their lender. The foreclosure process is taking quite a bit longer than it used to, mostly due to the volume of properties the lenders are dealing with. The process can be tough to deal with as a Buyer, most properties that are eventually auctioned are re-purchased by the lender and entered into their REO (Real Estate Owned) division, this starts the process of marketing the property as a "bank owned" property, it is at this stage that the property is most likely to be sold to an interested Buyer. The timeline from pre-foreclosure to "bank owned" can be 1-2 years. I advise you concentrate your search on the "bank owned" properties which will be easily available through MLS. Don't hesitate to contact me if you have any additional questions.

Good luck!
Bob Meehan@kw.com
0 votes Thank Flag Link Wed May 19, 2010
Hello Househunter,

There is no link so i'm not sure which property you are referring to. I have a current list of foreclosed property and short sales. Please contact me and i'll email this list to you.

Thanks,

Jeff
978 717 9015
jcarterc21@yahoo.com
0 votes Thank Flag Link Tue May 18, 2010
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