What’s the most efficient way to find out if a foreclosure property was sold at auction?
I intend to contact the bank on the days immediately after the auction to submit an offer on those properties that were not sold.
I don’t want to call them and ask if the prop was sold at auction or not. Also, I don’t want to attend auctions. What other ways are there?
Thanks!
Hi,
It can take the trustee 30 to 90 days to transfer the paper work on an unsold property at the court house step auction, then the property is pretty much put in line with properties foreclosed on 1 day, 2 days, a week or a month or three months earlier!
The property is likely not going to be available for sale for 45 days to could be years after the court house steps, no sale and the property becomes an REO! I can take you by properties in Phoenix, Las Vegas and some area’s of California that were foreclosed on in 2006, 2007 or 2008 and have not been put back up for sale again! (Shadow Inventory)
Most of these properties will be put back up for sale through a listing agent and agency!
Other than checking the county recorders office I don’t know of a service that tracks unsold properties the day of sale and creates a list of unsold REO’s going back to lender!
GR
Personally, I would reject any offer made before the auction. In my opinion, if someone cared enough to make such a bid, attend the sale to bid for him. It would not be able to price above the original offer made.
You may want to call the auction company or the attorneys office who originated the foreclosure.
They may or may not tell you the answer but this would be the best source. They will not be able to give you any of the bidding information but they can tell you if if was bought by a 3rd party.
I can’t think of any other ways because the the bank usually hold the property not sold in the auction. The bank can then decide what do with the property. They can either re advertise it or remove from the sale list.