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Banks appear to be resorting more often to a maneuver that helps them avoid acquiring property through foreclosure.

Before banks can acquire homes in foreclosure cases, there is a public auction, often at a county courthouse. These auctions are typically called trustee sales or sheriff sales. Normally, the lender or loan servicer (an entity that collects payments and handles administrative chores including foreclosure) makes a bid well above what investors are willing to pay for the home, and in those cases the bank ends up owning the property. It becomes part of the vast REO (real-estate owned) inventory that banks must sell off.

But sometimes the lender or loan servicer makes a bid low enough to tempt others to step in with a higher offer and win the auction. That has been happening more often lately in some parts of the country.  complete story

Source: WSJ.com - James R. Hagerty

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Posted by Real Estate - Associates on October 3rd, 2009 8:44 PMPost a Comment (0)
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