House still empty after Trustee's Sale

4 Replies

So tonight, I finally researched an empty house near me that has been vacant for over a year. In doing so, I see that the notice of default was filed on 8/15/2012, the notice of trustee's sale on 1/4/2013 and the trustee's sale occurred on 1/23/2013. Given the house's current condition, I'm assuming no one bought the house. I also noticed that the outstanding loan amount is pretty high ($800,000). I am very curious to follow up on this and see if there is any opportunity here, what would be the next step? If nobody bought the house at the auction, does the bank still own it and if so, what are they doing with it?

Is there a way to locate houses that do not sell at trustee sales? There is another house close by that was just foreclosed on and supposedly offered a trustee sale. This house still looks vacant as well. I would love to know what direction to take this and any help is much appreciated!

The tax records should show the current owner. You can usually get that information from the tax assessor's office. If the property doesn't sell at trustee sale, it goes back to the bank. If it's a local bank, you could try calling and making an offer. If it's a large bank, you'll probably have to wait for it to come on the market as an REO.

The records still show the prior owner listed. So are you saying if it didn't sell at the trustee's sale then the bank still owns it and would possibly sell it? If the house was sold at a trustee sale, it would have the new owner's name listed correct? The house I'm discussing was through BofA.

It either went to a 3rd party buyer or went back to the bank. Or the sale didn't happen (BK, postponement, etc.)

If it went back to the lender there is pretty much no chance to buy it until it they list it. Unless it was a private or hard money lender.

If you want to send me the address I'll look it up and see what happened. But, assuming the sale was held and if the lender didn't drop the minimum bid, then it mostly likely went back to the lender.

Originally posted by @Tyson Cross :
The records still show the prior owner listed. So are you saying if it didn't sell at the trustee's sale then the bank still owns it and would possibly sell it? If the house was sold at a trustee sale, it would have the new owner's name listed correct? The house I'm discussing was through BofA.

The tax records may or may not be updated. A trustee's deed after sale takes a few weeks to record. Then some counties in CA take weeks or months to update the ownership info.

Also, it's totally possible that the sale didn't happen. A notice of trustee's sale is only a notice. It's not evidence that it occured.

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