Newgran
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Usually to auction. where if they don't meet the price the owners owe on the mortgage they have to come good for the balance.
ie;
mortgage is 60,000
property sold for 40,000
owner has to pay up 20,000 deficit |
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Finbarr D
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First answer is spot on. You can get auction brochures and they'll specify who has instructed the sale sometimes and if it's a bank or building society, chances are it's a repo. |
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milkchocolatey69
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The properties are generally auctioned off to willing buyers for the remaining amount owed to the government or the banks or sometimes they auction the properties for a lower price just to get rid of it off their books as being outstanding. |
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holly.huston@sbcglobal.net
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I used to work for a mortgage lender. They would normally list the foreclosed property on the the foreclosure list, there is normally a sale by the note holder ie. the bank for as close to the payoff of the loan amount as they can get. One company that I worked for actually sold our foreclosed properties on Ebay. |
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Bulldog
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I buy them.....soon i will own them all hoo ha ha ha! |
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Tyrus
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Many are auctioned off, and some are sold extremely cheap to licensed Realtors... |
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MissV
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Some banks hire Realtors to sell their houses as a foreclosure. In doing so they hire a cleaning team to remove debris, inspectors to find out the true condition and other professionals. |
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Angie
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Well the houses themselves don't go anywhere. However ownership of the property goes to the bank and they sell them off, usually at auction. |
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Chuckler
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They are auctioned off. |
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Clive
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Sold by auction or private treaty.
It is a shortcoming in English law that the selling agent owes a duty of care only to the mortgagee, not to the property owner. If there is still equity in the property, the owner has no redress if the property is sold below market value to an associate of the estate agent. |
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I Tisi
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Nowhere. They are sold in the open market. The lender is only interested in getting it's money back. Any monies remaining after the outstanding monies are paid, including any costs, are given to the person whose property was repossessed |
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Ten men
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The lender has a duty to sell the property for as close to full market value as it can so the vast majority are no longer sold at auction but are put on the market via a local estate agent along with all the other properties. Occasionally you may get one put in an auction but it will more than likely be a private seller not a major mortgage company repossession.
However, i do believe that somewhere out there is a list of all properties that have been repossessed and are for sale - but locating it is another story |
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bperez2002
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they go to Auction |
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