Trustee Sale Questions
I saw in Sunday's paper that there are several Trustee Sales coming up this month. I plan to attend just so I can see what is going on. My questions are these:
what happens to the property if no one bids on them? What would be a good course of action if this actually happens (no bids)?
I live in virginia, so the laws may be a little weird here. but any help is appreciated in advance.
thanks.
vac 
At forclosure auctions here in Oregon the trustee sets a minimum bid which is the amount owed to them, if no one bids then bank is winning bidder it then becomes what is usually referred to as an REO (real estate owned) property and the bank normally lists the house through a broker and tries to sell it for appraised value in an as is condition so that they can hopefully recover enough to cover the balance of the defaulted loan. If you are interested in buying a particular property from the bank then you should contact them prior to the sale, speak intelligent and have the facts about the property and find out who may be assigned to handle the file. If the bank gets the house back then you can contact them after the sale and make an offer. A word of advice the bank gets many calls and deals with alot of people about REO properties to get them to make the deal with you, you will have to convince them why they want to deal with you, and usually cash, and time are of the essence. They want to get there money and close the file as fast as possible, therefore those with cash who are ready to close on short notice usually are given first chance.
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