Ok so the bank did not allow a buyer win at the auction. They bought it at the courthouse auction process. We have to wait for the asset department to decide how to put the house on the market. One cannot simply send a letter to the deed owner and purchase the home. Sometimes the properties are sold to bulk hedge fund buyers, sometimes they leave them sit empty for years before doing anything with them and sometimes the Realtor lists the property. Team Leader Christina Griffin has years of experience working with banks listing these properties for sale in the MLS
Occasionally the bank will put the property through auction sites such as www.Hubzu.com, www.Auction.com and others in addition to being in the MLS for a real estate agent to represent you in the sale ( yes you do want us to represent you to list things you may not have thought of in the purchase process of an auction property) Sometimes there are buyer premiums involved with these properties. This means if you win the bid on a property for $100,000 that was your winning bid amount they may add on $5000 buyer premium so the house will cost you $105,000 plus closing costs and any liens that may come with it (again , due diligence in the process)
We at the Griffin Group have the experience in where to guide you for that due diligence process to make sure you are buying the house you thought you were getting not the headache.
Stay tuned for the statistics for Foreclosure, bank owned and auction sales in the next blog .
As always, a member of the Griffin Group can guide you in each of these processes for purchase opportunities.
#REO #Bankowned #shortsale #auction #foreclosure #griffingroup #CindyLukehart #TampaBay
image source: auction.com