Quick question: Say a home was schedule to be sold at auction, Does that necessarily mean that it WAS sold? or can it still be available? In other words, what happens when a bank, or county, puts up a house for auction and it doesn't go?
Real Estate Investor from
Santa Rosa, California
Typically it would either sell, or it could have postponed to a future date, but it is also possible that the auction canceled, either because the loan paid current, the property sold (short sale or equity sale), or the lender decided to wait for some reason (there are many reasons) and republish the sale again later.
Brian Burke, Praxis Capital, LLC
E-Mail: [email protected]
Have you heard my BP Podcasts?
biggerpockets.com/show3 & biggerpockets.com/show76
Commercial Landlord from
A lot of reasons is correct as Brian says. courts can drag it out in divorce, death or bankruptcy and keep property from being sold. you name it even title problems can pop up for a bank.
You could call the court and ask why the sale was postponed. They might tell you.
Awesome!! Great idea guys!! Thank you!