How long does it take for a bank to put up a forcloser home for sale, after a sheriff auction?

I wasn’t able to bid on a forcloser home at the auction. just woundering if someone knew the process. and how much they ask above the price it went for at auction. thanks in advance

Once the foreclosure procedure has ran it’s course and the auction has taken place one of two things could happen

#1 The property could have been purchased by an individual, It would take several days before all the legal deeds and other documentation take placed and is signed by all, this person would now be on the deed of the property and will start some type of eviction if they plan to reside in the property. If not they might just want the old owners out so as to start over with new tenants.

#2 No one bid high enough to purchase the property therefore the lender is now the owner. Again the proper legal matters have to be taken care of which might take several days. Once all the legal paperwork and documentation is taken care the lender normally hire a local real estate brokerage firm to

A. Evict anyone that is in the property

B. Hire someone to clean the property and prepare the property for sale.

C. Market the property for sale. This sale price might be the balance of the current mortgage to include any attorney and foreclosure fees.

If you plan to purchase the property, you should take care and watch for any activity around the property. A real estate agent will soon place a sign on the property indicating the property is now ready for sale.

The time frame vary as some states have a right of redemption, therefore the previous owner have a right to purchase the property. This period can be as short as 1 week up to a year in some state.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

FPO auction process

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