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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Bob Meehan’s answer

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!
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.


978 717 9015
0 votes Thank Flag Link Tue May 18, 2010
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