Asked by: Yulisa Zasurskyasked in category: General Last Updated: 10th February, 2020
How does a foreclosure auction work in California?
Similarly one may ask, how does a foreclosure auction work?
If the highest bid at the auction is insufficient, the lender then gets title to the property and holds it as a bank-owned (or REO) property. The purpose of a foreclosure auction is to get the highest possible price for the property, in order to mitigate the losses a lender suffers when a borrower defaults on a loan.
Also Know, can you finance a foreclosure auction? With short sales or bank-owned (also called real-estate-owned or REO) properties, you can finance the purchase with a mortgage. In fact, it's common to do so. Wells Fargo says approximately 60% of its foreclosed homes are purchased with financing. It is at foreclosure auctions that paying in cash is usually the rule.
Similarly one may ask, how does a home auction work in California?
In California, you must pay in full at the auction steps. Therefore, you'll need to bring a cashier's check of the full amount of your maximum bid with the trustee's name on it. If you get the property for less than your maximum bid, you'll receive a refund.
How long does it take to foreclose on a property in California?
approximately 120 days