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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Tradelite who wrote (85162)8/14/2007 10:57:52 AM
From: MulhollandDriveRead Replies (1) of 306849
 
If no one bids the minimum (which I assume is at least the amount of the loan being foreclosed--in the case I cited, it was $750K),
title reverts to the lender because the lender bids on it himself, and eventually the lender will sell it some other way on the open market, most often by listing it with a real estate company.

what i've been reading that lenders have been (so far) to sell the foreclosed properties at a steep enough discount and like you say, title is reverting back to them

i was always told that lenders aren't in the rental business, but i've read a burgeoning business right now is for small contractors who are rehabbing foreclosures the RENTAL market

mark to market, it's a bitch
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