There is a home I’m intersted in purchasing and it goes up for auction tomorrow 2/5/13. However, the residents are still living in the house. How long can they live there after the auction? When can I get in to look at the house?
the only way you would be able to get into the house to look at the house is if the current owners would allow you into the property.
Until after the foreclosure sale, the current owners are still the owners.
Once the auction is complete the property then would become the highest bidders property or if there is no higher bidder then the bank would take the property as collateral or a Real Estate On Hand (REO) of the bank.
Even with the property changing hands at the auction, it would take several business days before the proper deeds to be signed and recorded at the county recorder’s office where the property is located, before the new owner would have legal ownership of the property.
It would be difficult to determine when the property would be assigned to a real estate agency for sale. Each mortgage lender have their own procedures as to when they would assign their REO property to a real estate firm.
You might consider going to the auction and making the opening bid. Keep in mind that the lowest bid would be balance of the mortgage loan as well as any and all foreclosure fees. This bid might be more than the value of the property.
You could find out the mortgage lender and address that own the property at the foreclosure bid from the auctioneer.
You could send a bid along with a check for a deposit. At times the mortgage lender might accept this type offer.
Failure of the mortgage lender to accept your mail in offer, you would be required to wait until the property is placed for sale through a local real estate firm, who will eventually place a for sale sign on the property.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
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