What happen when a house goes on foreclosure and is suppose to be sold on the auction, but never come up for bid? The house is listed to be sold and the owner does not have the money to rescue it.
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3 Comments
If the house does not sell at auction, title reverts to the bank. The bank will then list the house for sale through a realtor. Once it forecloses, the owner is no longer the owner.
What you are REALLY asking is WHY it has not come up for bid. That is a question only the owner can answer. I do not mean the person in default on the mortgage; I mean the lender who extended the loan to that person.
It should come up, it only takes a few seconds. The bank has a reserve bid and owns it if no one out bid them. The foreclosure has finished.