If a house doesn't sell in auction, does it go on the market?

Asked by Lokey112, Benicia, CA Tue Feb 23, 2010

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Erica Starkey’s answer
Erica Starkey, Agent, Danville, CA
Wed Feb 24, 2010
Generally, yes. If it doesn't sell at auction (and even sometimes when it does) it will go back to the bank who will put it on as an REO. The time this takes can vary.
Web Reference:  http://www.jscarealty.com
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John Juarez, Agent, Fremont, CA
Tue Feb 23, 2010
It depends what kind of auction you are talking about.

Are you talking about an auction on the courthouse steps wherein the bank is trying to auction off the house as part of a foreclosure?

Are you talking about an auction run by an auction company wherein the houses being sold are already bank owned? Often these houses have been listed with an agent and have failed to sell.

In any event, the bank will sell the houses eventually. Banks do not hold onto foreclosed properties forever.
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Patrick Thies, Agent, Anytown, IL
Tue Feb 23, 2010
Usually if a house doesn't sell at auction, it's because the bank did not get the minimum price they were looking for. If there is no sale at the auction, then the bank will most likely list the property as an REO property (bank owned).
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Feb 23, 2010
It depends what type of auction... if it is a foreclosure auction and there are no bidders, then the lender will buy the house back, and place it for sale with a local broker. if it is a estate auction or the seller chooses an auction to sell, then it may come back on, check with the auctionewer what type of auction it is and ask who teh seller is. Good luck with your auction
Web Reference:  http://www.ScottSellsNH.com
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Cyndi Brosch…, Other Pro, Schertz, TX
Tue Feb 23, 2010
Eventually. It takes awhile for the bank to get it together and get it on the market. It sometimes takes several months.
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