What happens if the reserve is not met during an auction?

Asked by Nancy, 29572 Wed Jun 24, 2009

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Tracey Simms, , Harford County, MD
Wed Jun 24, 2009
In a foreclosure sale, the house is often bought back by the bank that holds the mortgage and is put up for sale at a later date.

If it is a private party auction,the house is usually not sold. You can contact the auctioneer and attempt to negotiate a sale after the auction has been completed. Many times the property will be listed with an Agent if it does not sell at auction
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