Foreclosure Auctions-If you are like me then you have probably heard of them and always been a little curious as to how they are conducted. Yesterday, after receiving a email from a interested party I began looking into their inquiry to see if I could help them obtain more information. After speaking with other Real Estate Agents, the beneficiary (in this case the mortgage holder, but it could also be a bank or lender depending on how the loan was obtained and what as happened since the loan occured), a couple of parties from the original loan institution, along with my own research via online resources here are some of the things that I’ve found out…
- Foreclosure laws differ from state to state
- There is a difference between Judicial and Non Judicial Foreclosures
- A Judicial Foreclosure leads to a Sheriff’s Auction conducted by Deschutes County and is foreclosed upon because of unpaid taxes most times.
- A Non Judicial Foreclosure is presided over by a trustee of the beneficiary and is typically brought on by delinquent mortgage payments.
- The time and date of auction must be published in a local newspaper numerous times before the auction actually occurs.
- Often times the auction is rescheduled, and notice of the change is said at the time of the previously scheduled auction time-bummer!
- The full amount of the accepted bid must be exchanged at the time your bid is accepted, in cash.
There is much more to know and learn about the process. If you have questions about foreclosures and how they work you can search online as there is much resource that exists to help educate you to the process. If you have a specific question please let me know and I will try and help obtain a answer to your question.
Kyle Hoak-Real Estate Broker w/ Prudential Northwest Properties, Sunriver