Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
how do some foreclosure properties end up as auctions and others as bank-owned?
In my zip code, we have about 93 properties that are foreclosures according to Trulia. Most of them are listed as auctions, but some are listed as bank owned.
I don't know anything and so I would think that the lending company would own all of the houses. Are the bank owned properties just not yet scheduled for auction? Or have they failed to be auctioned?
4 Answers
- LandlordLv 71 decade agoFavorite Answer
The auctions already happened with the bank owned, no one bid over the reserve.
- Anonymous1 decade ago
Some of the "auctions" you are seeing may not be actual foreclosure auctions, but rather auctions where the bank is selling off their REO property. Once the bank takes possession of a property that was in foreclosure, they have to sell it. They can either do that on the MLS as a general REO listing, or via auction.
Source(s): chicago real estate agent - 5 years ago
they're generally an identical. If a financial employer owns a assets it is purely approximately consistently becouse of foreclosure. The financial employer forcloses then owns the valuables, then they attempt to sell it. Foreclosed assets on an identical time as generally financial employer owned can actully have been foreclosed via a various entity. Even somebody can foreclose while they convey the loan and the persone defaults.
- ?Lv 71 decade ago
They have failed to obtain the minimum bid at auction. So the lender places them with a local realtor
