what happens if a house doesn't sell at auction?

[Bill Keegan]

Originally Posted by merchantsrentals

Hello all! new to this site, ran across it googling for foreclosed homes! We had a property we were interested in come up for sale at public courthouse auction...it did not sell...I wonder how I can find out who will be putting this up for REO? so we can maybe make a purchase on it? are there certain dept or companies who deal only with the homes not sold on Courthouse Steps?

If it was in a foreclosure auction and no one bid on it, the lender who brought the action usually becomes the owner. (That's the definition of REO, by the way; Real Estate Owned by the bank) That's how it works in NJ, and I assume all other states are the same. As a rule, once the bank takes it into their inventory, there is a process through which they work before listing the house for sale with their favorite linting broker.

Where is the house?

[David A Stone]

Originally Posted by chet everett

Tom:

If the auction is a voluntary choice of the seller of the house that is VERY DIFFERENT than a court ordered auction for foreclosure. In the case of the OP they CLEARLY state the 'owners are trying to stall the auction' -- that strongly suggests this is NOT a voluntary decision but instead a COURT ORDERED action on behalf of the lender to satisfy the foreclosure.

DO YOU AGREE?

bingo !