bank foreclosures

I’m interested if anyone has a knowledge of contracting with the bank in servicing their foreclosures. I am familiar with the standard process of judicial and nonjudicial foreclosures but it seems to me that in the both ways, banks deal directly with the auctions. Did anyone (real estate agents)have an experience of working with the banks and eliminating the step of auction. Also, does anyone know what expenses do the banks and S&L associations bear when going into a foreclosure?

im working that issue right now
i will post my finding to the page

Thank you, I almost got desperate - no one out there to help. I’ll appreciate any advice or info. Actually, I’m meeting with the local bankers tomorrow - we will see the outcome!
Thanks again,
Anastasia Havron
Virginia Beach, VA

I’m not sure I understand your question. In regards to “eliminating the step of auction”, are you referring to pre-foreclosure? Selling the property before the bank has to foreclose? Some of the largest mortgage services are already doing this concept. There are loss mit companies that contract to these servicers and then hire local agents to get involved with the homeowners before the sale. Its the way of the future.

Lenders say on an average, it cost them $30,000 - $40,000 on each foreclosure!

Thank you, see, I’m quite new to the business and did not know how exactly the liquidation process works. I’ve never heard about loss mitagation companies before I entered this site, so I got an idean now. Thanks for your response.

So how can you find/buy a pre-forclosure?