Question:
A house in our neighborhood has been going through the foreclosure. It was auctioned back to the bank and the bank had it on the market for 6 months. There is no longer an MLS listing for the home, but there doesn't seem to be anything happening, i.e. no one moving in. If it hasn't been sold, what would be the next step in the process?
Answer:
Bank holds title unless they have conveyed to another agency (HUD, etc). Contact their real estate department if you are interested in purchacing.
The bank is sitting on it and using it as a tax deduction.
They will still sell it if a broker comes to tehm with an offer, but they are not actively looking to sell.
The next step would be that it was liquidated, sold to an investor that buys inventory in bulk. (10 or so houses)
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