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Old 10-23-2010, 09:57 PM
 
Location: Denver, CO
2,287 posts, read 4,862,084 times
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I've been looking at a house that has been on the market as a foreclosure for about 8 months. So far the price has dropped by $140K and they haven't had any offers. Now they are auctioning it off. What usually happens if no one bids on it? (I would but my house is still for sale) Do they just re-list it and keep dropping the price?
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Old 10-23-2010, 11:12 PM
 
Location: Tempe, Arizona
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Around here they usually keep it listed through the auction, so no need to relist. They could also submit it to auction again. It's likely the price would be adjusted, but no rule.
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Old 10-23-2010, 11:18 PM
 
Location: Martinsville, NJ
6,162 posts, read 11,851,613 times
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Quote:
Originally Posted by whoisjongalt View Post
I've been looking at a house that has been on the market as a foreclosure for about 8 months. So far the price has dropped by $140K and they haven't had any offers. Now they are auctioning it off. What usually happens if no one bids on it? (I would but my house is still for sale) Do they just re-list it and keep dropping the price?
When you say it's been listed as a foreclosure, do you mean that it's in the process of being foreclosed on by the bank pending that auction, or that it's already bank owned?
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Old 10-23-2010, 11:21 PM
 
Location: Denver, CO
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Originally Posted by Bill Keegan View Post
When you say it's been listed as a foreclosure, do you mean that it's in the process of being foreclosed on by the bank pending that auction, or that it's already bank owned?
It is already bank owned. They just want to get rid of it. The main reason it isn't selling, I suspect, is because it looks like a giant flying saucer. But I like it.
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Old 10-24-2010, 07:34 AM
 
Location: Pennsylvania
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My neighbor has a contingency offer in on a foreclosure. Maybe if the house doesn't sell at auction you could contact the bank and see if they would go for that.
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Old 10-24-2010, 08:06 AM
 
Location: Sloooowcala Florida
1,393 posts, read 2,829,998 times
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Quote:
Originally Posted by whoisjongalt View Post
It is already bank owned. They just want to get rid of it. The main reason it isn't selling, I suspect, is because it looks like a giant flying saucer. But I like it.
It would be a great house to decorate for Halloween.
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Old 10-24-2010, 08:33 AM
 
Location: Martinsville, NJ
6,162 posts, read 11,851,613 times
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Quote:
Originally Posted by whoisjongalt View Post
It is already bank owned. They just want to get rid of it. The main reason it isn't selling, I suspect, is because it looks like a giant flying saucer. But I like it.

If it's already owned by the bank, then it's just like any other house, with the exception that the bank will never decide Well, I can't get a good price so I'll just stay here another couple of years. They simply want to get rid of it a soon as possible and get what money they can. As a rule, banks don't want to own real estate. They'll try to sell it using a variety of methods. If no one bids on it at the auction, it will remain on the market, possibly at a reduced list price.
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Old 10-24-2010, 09:44 AM
 
Location: Athens
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And sometimes, if the bank does not get its "reserve" the home will remain on the market.
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Old 10-24-2010, 09:53 AM
 
Location: MID ATLANTIC
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Exactly, read the terms of the auction, they all vary. The bank can have a minimum they need to meet and if it's not met, no one wins with a bid over that minimum amount, the bank maintains the property in their portfolio. Most auctions do not require the banks to disclose their minimum bid, for obvious reasons.
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Old 10-24-2010, 05:56 PM
 
Location: Denver, CO
2,287 posts, read 4,862,084 times
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Quote:
Originally Posted by smartygurl View Post
It would be a great house to decorate for Halloween.
Ha! You're right about that...I thought it would be a great place to throw a Star Trek-themed party.

I figure I'll at least go to auction and see what happens. And I really like the contingency idea. Thanks!
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