House Still Owned by the Bank

4 Replies

Hello all,

I noticed a house on Zillow that had been through the auction process and was foreclosed on by the Bank Earlier this year. It went through a Hubzu.com auction and was sold. This sale was almost two months ago. According to county records, it is still owned by the bank.

Could this just be from the bank dragging their feet in closing or is it worth checking up on with the agent?

Are you checking the actual county records or some 3rd party electronic source?  Some databases are pretty out of date and can be as much as 6 months behind.  If you haven't already, I'd double check with the official land records for the transfer.  

Originally posted by @David Mitchell:

Are you checking the actual county records or some 3rd party electronic source?  Some databases are pretty out of date and can be as much as 6 months behind.  If you haven't already, I'd double check with the official land records for the transfer.  

 I'm looking at Records from the official County Website. The homes that were taken over by the bank from the July 1 Trustees Auction are already updated as owned by the bank. However, that process may be easier than actually purchasing the home from the bank?

I'm still a newbie when it comes to the Foreclosure stuff.

However, it's beginning to look like there might just be a month-lag in updates to the system for sales.

Hard to say.  It really varies from County to County and bank to bank.  

@Holly Rust   You know that banks will often participate in those auctions to drive the price up by bidding against the would be buyer(s) (often only for a dollar more). If they are the owners still(according to updated county records) its likely they kept bidding and noone took the bait at the final call. Therefore they are still in possession of the property as owner. 

Kudos,

Mary