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Looking at a recent list of foreclosure sales the defendant (the foreclosed on) had two attorneys for 3 of them, one attorney for 6 of them and the rest no attorney.
Those represented are doing what. Fighting to the end to keep their home and will very likely be able to work something out with the creditor.
Those not represented are doing what. Planning to attend and bid themselves but expect to eventually have to leave the home?
A property going to a foreclosure sale for taxes is often strategic on the part of the property owner... there are business owners who know they can pay the taxes at the very last minute; they're letting that money work for them until they NEED to do it. The costs of retained legal representation and auction fees are cheaper than the interest they'd lose by paying their taxes any sooner.
Those with a single attorney are often simply those who think there's something they can do about it. Lawyers are good at self-promotion; they likely tell the defendant homeowners that their worth is in stalling the sale, saving them rent at a new home.
You don't have to be at the sale. The only reason to attend, really, would be to see if it actually sold or is being postponed again. Otherwise - unless you can afford to pay off the balance - there's no point in attending.
A property going to a foreclosure sale for taxes is often strategic on the part of the property owner... there are business owners who know they can pay the taxes at the very last minute; they're letting that money work for them until they NEED to do it. The costs of retained legal representation and auction fees are cheaper than the interest they'd lose by paying their taxes any sooner.
Those with a single attorney are often simply those who think there's something they can do about it. Lawyers are good at self-promotion; they likely tell the defendant homeowners that their worth is in stalling the sale, saving them rent at a new home.
You don't have to be at the sale. The only reason to attend, really, would be to see if it actually sold or is being postponed again. Otherwise - unless you can afford to pay off the balance - there's no point in attending.
Your comment brings up an interesting question for which we have not gotten an answer from locals.
Here are two foreclosure listings. Both show the judgement. One shows the plaintiff's bid and one shows just a bid.
Who bought those two houses on that date in time, the day of the foreclosure sales?
There's not enough information there. (For example, "Disposed." That leads me to believe that the sale has been stalled indefinitely... but I can't see what is being described as Disposed.)
Bank-plaintiffs will only accept less from themselves, not anyone else. They can inflate the worth of the property through various schemes, from writing it off as a bad-debt to getting subordinate liens erased. They're not actually paying themselves... it's just electronic shifting for accounting purposes. Even if someone is willing to pay more than what they "pay" at the foreclosure auction, the property is worth more to them because they can double or triple the debt's worth through insurance, public programs, and being able to write it off yet again... and THEN sell it, for real, to another party. They want to use it up for themselves first.
After looking around the one with the bid of $45,330 was bought by Southern Sold Acquisitions for that price.
If so too bad I was not in the room at the time as I would have bid higher than they did.
That specific one was on the docket in May and must have gotten delayed one month as it turned up on the June docket and sold to the highest bidderit seems.
It was bought for that price by an LLC and it shows the plaintiff's bid as being $45,330 so the buyer was the plaintiff. A family LLC or an actual business (investor) who could not make the mortgage payments = curious.Then they end up being the buyersat the auction.
I'm trying to understand the bidding process. Should you be in the room for the one you desire or wait until the bank buys it (or rather keeps it by bidding higher than some individual) and just wait until it's listed and buy it then.
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The other one where the bid was $50,000 was bought by an LLC in Arizona on July 30, 2018 or 28 days after the bid. I know they put up a deposit but I forgot how many days they have to close and the buyer can have it inspected but would loose their deposit if they backed out. And being sold July 30 there has not been enough time for it to be listed for sale or for rent I assume.
Since the listings can be seen middle of the prior month, then disposed might mean it sold to the highest bidder in the room that next month since the final results are posted about a week later.
I've been to a couple just to watch and the room is crowded. Some are plaintiffs and their lawyers, some are potential bidders and some are the lawyers representing the banks and plan to bid $2500 or as high as they have been instructed to bid. I once knew a lawyer who bid on many on the docket each month and he always started at $2500.
After looking around the one with the bid of $45,330 was bought by Southern Sold Acquisitions for that price.
If so too bad I was not in the room at the time as I would have bid higher than they did.
That specific one was on the docket in May and must have gotten delayed one month as it turned up on the June docket and sold to the highest bidderit seems.
It was bought for that price by an LLC and it shows the plaintiff's bid as being $45,330 so the buyer was the plaintiff. A family LLC or an actual business (investor) who could not make the mortgage payments = curious.Then they end up being the buyersat the auction.
I'm trying to understand the bidding process. Should you be in the room for the one you desire or wait until the bank buys it (or rather keeps it by bidding higher than some individual) and just wait until it's listed and buy it then.
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The other one where the bid was $50,000 was bought by an LLC in Arizona on July 30, 2018 or 28 days after the bid. I know they put up a deposit but I forgot how many days they have to close and the buyer can have it inspected but would loose their deposit if they backed out. And being sold July 30 there has not been enough time for it to be listed for sale or for rent I assume.
Since the listings can be seen middle of the prior month, then disposed might mean it sold to the highest bidder in the room that next month since the final results are posted about a week later.
I've been to a couple just to watch and the room is crowded. Some are plaintiffs and their lawyers, some are potential bidders and some are the lawyers representing the banks and plan to bid $2500 or as high as they have been instructed to bid. I once knew a lawyer who bid on many on the docket each month and he always started at $2500.
Buy them after the bank takes them back.....the courthouse steps are not a good place to start.
What is the average time between the foreclosure auction where the bank gains ownership and the time they get it listed through an agent.
Any ways for an individual besides us to get it before it is listed?
What is the average time between the foreclosure auction where the bank gains ownership and the time they get it listed through an agent.
Any ways for an individual besides us to get it before it is listed?
about a month..or less..depends on occupancy and condition. You can look at auction.com but i think it is BS. Banks cant really do insider deals..they aren't brokers and it is their fiduciary responsibility to sell in an open market. It aint 2009..that is for sure. What market are you shopping in?
What is the average time between the foreclosure auction where the bank gains ownership and the time they get it listed through an agent.
Any ways for an individual besides us to get it before it is listed?
A month, a year, two...
Family member took over a year to close because the foreclosed upon party simply decided to fight til the bitter end, even after being evicted and losing the property, and appealing court rulings on the basis that the judge's pension fund was partially invested in Bank of America that was the foreclosing party.
Then he filed a lien against the property for the garage he put up. All nonsense, but basically he was a jailhouse lawyer.
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