Asked by: Yulisa Zasursky
asked in category: General Last Updated: 10th February, 2020

How does a foreclosure auction work in California?

Foreclosure Auctions
In California, foreclosure sales are held on business days from 9 a.m. to 5 p.m. You are not allowed to view the property before bidding, anyone can bid, and the foreclosure can be postponed to another time and location by the trustee managing the sale.

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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

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