Foreclosure in Dixon>Question Details

Curious Geor…, Renter in Dixon, CA

WHAT IF A HOUSE DOESN'T SELL IN AN FORECLOSURE AUCTION? WHEN IT IS AUCTIONED, DOES IT NO LONGER APPEAR OR IS IT TAKEN OFF THE MARKET?

Asked by Curious George, Dixon, CA Wed Jun 29, 2011

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As Melanie and Ray have stated it becomes an REO. Frankly I like waiting until all the court house hysteria stops and you can intelligently negotiate with the bank.
0 votes Thank Flag Link Wed Jun 29, 2011
Following up with what Ray stated, many homes don't sell at the court house auctions as buyer's must have cash to purchase them or the opening bid is too high. When the home does not sell to a third party at the auction, it will normally become owned by the lien holder of the note (bank/lender that was holding the financing for the owner that was foreclosed on) and will eventually be listed for sale on the open market as a REO property, most of the time in the MLS. Some will go to other privtae auction sites where buyers can bid as well, but most will end up in the local area MLS.

If you need further information about homes in Dixon or surrounding areas, please give me a call.

Melanie
0 votes Thank Flag Link Wed Jun 29, 2011
Often if it does not sell at auction it is usually transferred to the original owner's lender and becomes an REO (Real Estate Owned) property. It is then listed with an REO agent for sale.

Hope that helps

Ray
0 votes Thank Flag Link Wed Jun 29, 2011
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