How long does it take to close on an auction house?

30 to 45 days
The closing process typically takes 30 to 45 days from seller’s execution of the contract.

Why would a house go to auction?

When a homeowner has not paid the mortgage for at least a few months, they may fall into default and end up in foreclosure. If the homeowner does not pay the balance owed—or renegotiate the mortgage with the lender—the lender can put the home up for auction and force the homeowner out for nonpayment.

What happens to the money from a foreclosure sale?

Most foreclosures end in an auction where the property is sold to a new owner. During the foreclosure crisis, foreclosure sales frequently resulted in a deficiency, which means the property sold for less than the borrower owed the lender.

How many foreclosure auctions are there on auction.com?

Offering over 30,000 discounted residential bank-owned and foreclosure home deals. Hundreds of thousands of investors have purchased more than $42 billion of investment properties from our marketplace. View how Auction.com can help you reach your investment goals. Our auction buying process is simple, efficient, and transparent. EDUCATION.

Who is the high bidder at a foreclosure sale?

At the foreclosure sale, the high bidder might be the foreclosing lender or a third party. If the lender makes a credit bid and no one else makes a higher offer, then the lender gets the property, and it becomes REO.

Where can I find the results of an auction?

Below is a link to the results page for each of our Auction Houses – please click on any of these for details of the properties included and results achieved. You can view more details on any property by clicking the lot number or address.

How does a foreclosure auction work in real estate?

A foreclosure auction is a public sale of a property that is being sold because its previous owner failed to pay back a debt. In most cases, foreclosures happen when a homeowner defaults on payments of their mortgage loan.

Where can I find a courthouse foreclosure auction?

A Courthouse Auction is a judicial foreclosure sale. It is usually held at the courthouse or at the property itself, and is scheduled and run by either the Sheriff or a representative of the court. Both Sheriff sales and trustee sales can provide values for buyers, and for the purpose of getting the best deal, they are equally as effective.

What happens to the house after a foreclosure?

After a borrower defaults on mortgage payments, the lender (or the subsequent loan owner) will likely foreclose. Most foreclosures end in an auction where the property is sold to a new owner.

Where does a foreclosure sale usually take place?

In the past, foreclosure sales almost always involved an auctioneer selling the property from the courthouse steps or another public area. Now, the auction can either be live (in-person) or online. Online foreclosure sales are becoming more and more common.