Title: What Do Banks Do With Unsold Foreclosures? | Pocketsense
Headings: What Do Banks Do With Unsold Foreclosures?
What Do Banks Do With Unsold Foreclosures?
Steps to Foreclosure
Sell It at Auction
Back to the Bank
Get It Listed
References

Content: Often, the lender works out a short-sale agreement and takes a loss on the transaction. When the bank is either unwilling or unable to complete a short sale, it forecloses on -- and becomes the owner of -- the property. For homebuyers in the know, bank-owned properties may result in significant bargains. Steps to Foreclosure
There are several actions that must happen before a property is foreclosed upon. First, the borrower defaults on his loan; this usually happens after three successive payments have been missed. Then, the bank sends the borrower a notice of default. If the borrower doesn’t pay the past-due amount, the bank forecloses on the property and then takes it to auction. Sell It at Auction
At the auction, the lender makes its first attempt to sell the property. In most states, the bidding process is open to the public and anyone can attend and bid on a foreclosed home.