... Cover article continued
Public Auction Assuming at this point in time that the owner of the house has not brought their payments current, now comes the actual sale of the property. This will be a public sale that takes place on the courthouse steps. The same law firm or substitute trustee that is representing the bank will conduct the sale. The lender sets a minimum bid, and if there’s a buyer who makes that minimum bid and purchases the house, then the process is finished. However, if there is no buyer at the courthouse steps, then we enter the final stage of the foreclosure process. Bank-Owned Properties If the owner of the house is not able to bring up their payments and no one buys the property at the public auction, then the property is taken back and becomes what we call “bank owned.” The bank will get in touch with a Realtor to sell the property through the multiple listing service (MLS). A lot of students have asked me, “Jay, how can I contact banks and buy bank-owned properties directly from them?” Seldom is this an option for us real estate investors. You’re just going to have to wait until
the property reaches the final stage of foreclosure and hits the multiple listing service. There you have it, the foreclosure process from preforeclosure all the way to bank-owned property. Now, it’s worth noting that while you can’t buy a bank-owned property until it is listed with a realtor, there are different ways you should approach an owner in foreclosure and negotiate the deal, depending on what stage of the foreclosure process they are in. Be sure and watch for an upcoming article where I’ll explain how negotiation techniques and buying strategies change during the stages of the foreclosure process.
–Jay Conner
Have You Heard the Good News … As it relates to The Birth of Jesus?
Matthew 2:1 "Now after Jesus was born in Bethlehem of Judea in the days of Herod the king, magi from the east arrived in Jerusalem…" John 1:14 "And the Word became flesh, and dwelt among us, and we saw His glory, glory as of the only begotten from the Father, full of grace and truth." Matthew 2:11 "After coming into the house they saw the Child with Mary His mother; and they fell to the ground and worshiped Him. Then, opening their treasures, they presented to Him gifts of gold, frankincense, and myrrh."
Until next time ... be bold (or bald )! Tony Pearl Copyright 2018 Tony Pearl | All Rights Reserved
BIO: Tony Pearl is a writer, speaker, copywriter, mentor, marketer, coach, musician, poet, ballroom dance instructor, world traveler, father, fiancé, internet marketer, voiceover artist, and real estate investor. He’s also a Politically-Incorrect Insomniac with ADHD who specializes in adding massive value to people’s lives by helping them overcome limiting beliefs, have more fun, and make more money while improving lifestyles through investing in real estate!
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