Comments on: Who is selling a property at foreclosure?

By: I Buy And Sell Houses

I Buy And Sell Houses — Tue, 09 Sep 2008 10:55:07 +0000

We need to define “foreclosure.”

If you mean the property has already been foreclosed upon, then the bank owns it. It’s called an REO (real estate owned). The bank then lists the property with a Realtor (just as any seller would list the property with a Realtor). The listing agent is representing the bank in the sales process. Usually, the lender deals with a limited number of agents who are experienced in handling REOs and in working with the lender.

If you mean property that’s headed toward foreclosure, the process is usually handled by a substitute trustee. It’s a legal representative–a lawyer–named by the lender. The trustee is instructed by the bank to proceed with the foreclosure process.

Hope that helps.
References :

By: Alterfemego

Alterfemego — Tue, 09 Sep 2008 10:10:17 +0000

The county handles the sheriff sale of foreclosed properties. The lenders usually buys them at the sheriff sale and after the redemption period have a Realtor list and sell them.
References :
Realtor

By: Michael S

Michael S — Tue, 09 Sep 2008 09:19:57 +0000

Nobody sells property at a foreclosure. A foreclosure is when a lien holder (bank, etc.) takes possession of a property because a borrower had defaulted (not made payments). Foreclosures are done through the court system, usually pretty quickly and cut & dry, because they are basically resolving a defaulted contract. Lawyers are almost always involved, even if the borrower isn’t disputing the foreclosure. The bank cannot sell a property during foreclosure. The legal process of acquiring title under contract law has to be fulfilled before the title can be cleared to sell the house property.

If you’re talking about a foreclosure sale, as they are erroneously called when a bank sells off its REO (real estate owned) properties, it differs depending on the bank and the situation. Sometimes a bank will contract an outside real estate agent, other times the bank will appoint one of its officers to handle the sale.
References :