The concept can be very confusing. The bank is simply to note holder, but does not actually own the home. For example....you loaned your neighbor $2,000 to buy a car, but he never made any payments to you. You can't sell the car, because it's not in your name. So....(assuming you have a lien on the car), you ask a judge to allow you to sell the car at auction to recoup your money (i.e. judgement). the court orders (upon your request) that the car be sold at a car auction. You don't want it to sell too cheap, so you go to the auction. Only 1 person bids on it, $500, and that's not enough for you, so you bid $600 and win it. You give the auctioneer $600. The auctioneer sends the money to the courts, they take out fees, and send you a check for $525 (only an example) since you are the person who asked the courts to auction the car in the first place. Now you actually OWN the car and can sell it on the open market, but probably will not get out of it what your neighbor owed you. Hope that helps a little........Visit my website! I serve all of northeastern Ohio for rural, urban, or city residential properties.

Hi De_
The banks representative is there at every auction. Anyone who has the cash to bid on a property can compete with that representative.
After the bank has obtained title at Sheriff's Sale, they will normally list it with a real estate broker and price it aggressively. Often, homes will sell for LESS than the bank paid for it. When you buy at auction, you buying more than just the house. You are buying outsatnding tax liens and unpaid water bills. Or any other lien that may be filed against the property. I have a client now who is buying a bank-owned property in Cleveland that has an unpaid water & sewer bill that is almost $10,000!!! He won't be buying it until the Seller's get that bill taken care of.
There are a good number of traps out there when you buy any property-especially at Sheriff's sale or a bank-owned property.
I would be delighted to assist you in buying your property. My goal is to help you find the best property at the best price and protect your interests at all times.
If I can be of assistance, please call me at 440-487-2193 or e-mail me at jwirsing@kw.com,
Sincerely,
John Wirsing
Realtor
Keller Williams Realty Greater Cleveland

The bank will automatically send a representative to bid on the home at typcially 2/3 the value of their appraisal. If no one else outbids them, they buy it back at auction. They will then list the home with an agent and offer it to the public for sale. Buying a home at auction can be a complicated process and typically, the buyer must assume all liens and doesn't get a chance to see the interior of the home prior to making a bid. Feel free to contact me for more information as I have assisted many buyers with short sales and bank owned homes in Solon and surrounding areas.

Dan Schuman
danschuman@kw.com
216-346-3235 http://www.schumanteam.com