Re: where does a Deed in Lieu property get sold?

Posted by Steele in Minnesota on April 28, 2005 at 16:40:31:

In Reply to: where does a Deed in Lieu property get sold? posted by logo on April 27, 2005 at 11:12:24:

: If a property owner does a Deed in Lieu of with the lender, where does the property ultimately get sold? I understand only foreclosures are auctioned on the county steps...

: Will it be listed by a realtor? Also, will it show up in some other database as a foreclosure?
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As a Realtor Foreclosure Specialist my experience is that most banks use local Realtors. Typically there is someone that the bank (or Asset Management Company) has had keeping an eye on the property.

This person will then place the property on the market.
Have done several of these myself. Do they show on foreclosure lists...sometimes as REOs. But alot of the lists are not that accurrate. I personally have had 4 REOs this year alone that never showed on any of the lists that I know of.

Steele

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Comments:
: : If a property owner does a Deed in Lieu of with the lender, where does the property ultimately get sold?  I understand only foreclosures are auctioned on the county steps... 

: : Will it be listed by a realtor?  Also, will it show up in some other database as a foreclosure?
: ---------------------------

: As a Realtor Foreclosure Specialist my experience is that most banks use local Realtors.  Typically there is someone that the bank (or Asset Management Company) has had keeping an eye on the property.

: This person will then place the property on the market.
: Have done several of these myself.  Do they show on foreclosure lists...sometimes as REOs.  But alot of the lists are not that accurrate.  I personally have had 4 REOs this year alone that never showed on any of the lists that I know of.

: Steele


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