Foreclosure in Fairfax>Question Details

Eric, Home Buyer in Vienna, VA

How and where can I find timely auction results from the Fairfax county courthouse without having to be?

Asked by Eric, Vienna, VA Wed Dec 12, 2007

present at the courthouse during the actual auctions? Also, how much lag time usually exist between unsuccessful auctions and the actually advertisement of the bank owned property? For example, if a property went up for auction today 12/12/07 at the Fairfax county courthouse and no one bid on it, how many weeks or months should I expect to wait before seeing it advertised on Realtor.com, Trulia.com, or some other MLS listing?

Help the community by answering this question:

Answers

3
BEST ANSWER
To answer the first part of your question ...
There is no aggregated source of information that I know of that will tell you what the auction results were. You can call the banks that had properties going to foreclosure that day in order to find out which properties went back to the bank and are now REO's. There are many sources of information that will give you information about upcoming auctions and what bank is foreclosing - for example: The Washington Post, http://www.realtytrac.com, http://www.foreclosures.com.

For the second part of you question ...
I agree with Monika on this - it just depends on the bank. Some banks handle many REO properties and are equipped with an REO department that can get them on the market quickly. Others are not well prepared for REO's and it may be a longer turn around time.
1 vote Thank Flag Link Fri Dec 14, 2007
It depends on bank. The bank will ask an area Realtor for Brokers Price Opinion, and then review and list. It could take anywhere between 1-4 weeks. For example, in my case, I submitted a BPO in the 3rd week of Nov. and got listing yesterday, which means around 3 weeks. The listing would go up in another 3-4 weeks.
Some banks have the list on their site, and you can register with them and get the results.

Monika Kumar
RealtyGeeks Team
703-626-3327
Web Reference: http://www.realtygeeks.com
1 vote Thank Flag Link Wed Dec 12, 2007
These days (2010), you can expect some additional delay with the foreclosure moratorium. However, generally speaking it should take several months with larger banks and only a couple months with smaller banks depending on how well organized they are. Title has to be recorded, transfer taxes paid, other liens dealt with (tax, utilities, HOA dues), property has to be secured and then the property listed with a Realtor. If there's a subordinate lien holder such as another lender, they may take legal action and hold up the process. If bankruptcy is declared by the borrower (even after the auction), I've seen it take up to a year to resolve.

Just a tip, but if you can identify who the trustee was handling the auction, you may be able to pass on your information to the lender and get a head start.

Justin K.
Manager, Restoration Capital LLC
0 votes Thank Flag Link Mon Oct 25, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer