Went To First Foreclosure Sale - What In The World Was Going On?
I went to the Denver county Trustee sale just to see what it was all about. Pretty confusing.
I was anticipating seeing people bidding on foreclosed properties, but it was nothing of the sort.
The trustee came in about 10 minutes late and just read from a handful of sheets the foreclosure numbers that were either withdrawn, cured or for the most part continued and gave the continuation date. Took about 5 minutes and that was the end of it. No bids, no auction, no acknowledgement of any sales or anything?
One guy asked her about 2 foreclosures and she looked on her sheet and said they were continued. He nodded and left.
One guy said he was there to protect the banks bids, but he never said a word.
What was going on?
Many properties listed in foreclosure notices never make it to sale. They either get cured (payments made current), withdrawn, or delayed to another date (by which time they might be sold by the owner). The bank rep you mention was there to make sure that the bid on any property owned by the bank was at least as high as what the bank wanted out of it (which is not necessarily the same as what is owed). A property bought at foreclosure by the bank becomes REO.[ Edited by lblomq on Date 12/09/2003 ]