Broker Foreclosure
Who is selling a property at foreclosure?
I know the bank is the one selling, however, is it a realtor that they hire or a firm/broker that does all that banks foreclosures,etc?
Whats the typical procedure here?
Nobody sells property at a foreclosure. A foreclosure is when a lien holder (bank, etc.) takes possession of a property because a borrower had defaulted (not made payments). Foreclosures are done through the court system, usually pretty quickly and cut & dry, because they are basically resolving a defaulted contract. Lawyers are almost always involved, even if the borrower isn’t disputing the foreclosure. The bank cannot sell a property during foreclosure. The legal process of acquiring title under contract law has to be fulfilled before the title can be cleared to sell the house property.
If you’re talking about a foreclosure sale, as they are erroneously called when a bank sells off its REO (real estate owned) properties, it differs depending on the bank and the situation. Sometimes a bank will contract an outside real estate agent, other times the bank will appoint one of its officers to handle the sale.
Foreclosures REO Homes for Sale – Van Nuys, California – Realtor Real Estate Agent John McQuilkin
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