Lisa Pena, Home Buyer in Kensington, MD

what does it mean when the bank buys back your home in a foreclosure?

Asked by Lisa Pena, Kensington, MD Tue Mar 26, 2013

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David Braun, Agent, baltimore, MD
Wed Mar 27, 2013
House goes to auction and there are no bidders. Bank is forced to buy it back from itself.
0 votes
Robert McArt…, Agent, Fallston, MD
Tue Mar 26, 2013
As a Foreclosure Auctioneer (see my profile) I hear this term often. The Bank more than likely has a first or second position and is soliciting a bid at the courthouse steps. If there are no other "Third Party" bidders actively bidding, then the bank...in order to protect their interests in the said property, will BID the property in and will actually have to settle on the property just as if you and I bid and purchased the property at the foreclosure auction. There is a ratification process here in Maryland, then the property then becomes an REO or Real Estate Owned which you will hear that term often in the Real Estate world if you are looking for "Bank Owned Properties".
0 votes
SO WHAT HAPPENS FOR THE OWNER OF THE HOME ,,,HOW MUCH TIME DO THEY HAVE TO GET OUT AND WHAT ARE THEY OBLIGATED TO PAY FROM THIS.??? WHAT IS A RATIFICATION PROCESS?
Flag Wed Mar 27, 2013
Don Tepper, Agent, Burke, VA
Tue Mar 26, 2013
First of all, the bank didn't own your house to begin with. It's not buying it back.

Second, it means that your credit is going to be in bad shape for years to come.
0 votes
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