The house I live it went through foreclosure and did not sell at auction. How long till the bank sells it?
Question:
Answer:
you did not mention what state you are in ---it varies from state to state.
i have included a link to foreclosure laws by state...just click on your state to find all the answers.
http://www.foreclosures.com/pages/state_...
also- you can attempt contacting the bank, but most likely they will direct you to the trustee.
good luck
the bank will try to sell it as soon as possible to recover their losses. You should call the bank, it is possible they would accept a low ball offer..you never know.
You could be evicted any day now. At that point you will have roughly 30 days to get out. The lender may be willing to rent/lease you the home for a temporary time if they think they will have a hard time selling it for enough money.
Chances are the property will not sell for that much under the starting price of the auction bidding. You never know though and the only bad offer is not to make an offer at all. Contact the lender directly and deal with them before they list with a Realtor. If they can find a way to sell the home without having to list with a Realtor and pay them their big Realtor fee they will try. Best of luck.
You'll have to look up the state foreclosure law in which the property is located in order to find out how much time you have left. Some states allow for a redemption period, which gives the homeowners a chance after the sheriff sale in which they can pay off the loan by refinancing or selling. But the bank can not take the property back before the end of that period.
But if you don't have a redemption period, then you should plan on moving pretty soon after the sale. The bank will not want you in the property as they are preparing to list it on the open market, and they proceed with the eviction process as soon as possible.
You may want to call the lender that owns the property now and arrange for some extra time to move -- just tell them that you were renting before the foreclosure and now need to find somewhere else. Banks can usually give you the time if you need it, since they will just be sitting on the property.
If you think the eviction may be any day now, call the county sheriff's office and ask them if they are planning on evicting you shortly. They will know the exact date and time of the eviction, if one has been ordered.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/...
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