No Bid at Sheriff sale, now what???

[Drazil65]

No bid at sale today, does the mortgage company now own it as REO? Will they transfer the name to the bank? We can't give the house away I guess...

[tobee43]

usually in those type of cases the lenders by the property back for $1. as long as it gets out of your name is the most important thing.

[Drazil65]

Yes, I hope that is the end result. I have heard of many banks just sitting on the property and not transferring the deed so its hard to get excited at this point. Hopefully we will see a name change in the next 30 or 60 days...

[tobee43]

sitting? shoot they buried my property! LOL!

[Drazil65]

So, spoke with sheriff office and attorney office (for bank) and bank DID NOT take property back, no bid in this case I guess means NO ONE bid even $1...the bank does not want ownership the attorney said. Great, so there is a possibility of a reappraisal and resale but they are in no hurry to do so (per attorney). So, we sit, 2 yrs this month since stopping mtg payments on this rental property. I guess if we ever move back to Ohio (DH home state) then we could move back in and live for free right? Although last time we checked on it (last Nov when we were in town) the bank had winterized it and changed the locks as no one has lived there since Nov 2011. Do not know what kind of shape the inside is in...of course the attorney office said the servicer would be willing to do modification if we were interested...NOT

[tobee43]

OH NO!!

starting to see more and more of this happening. so weird, the banks work to push you out and then don't even want the property. is or was this rental property and not your primary? i have to say for me this is a first, i never heard a bank not taking back the property after going forward on a foreclosure? i thought they had to, to even do the resale, and it's still in your name? i wonder if you can just quit claim the property back to them at this point after the sale. nor should i say non-sale, i would file one and get it on record, might not work, but maybe it's a way to get the property out of your name and into the creditors name?

these lenders really stink, sorry Drazil65

[Drazil65]

Tobee43, thanks for the idea. This is the out of state rental but the bank changed the locks and winterized it some time last year. We can not even get in without breaking in or getting a locksmith. To me that shows possession right? Anyway, we have been told that this is becoming the common outcome in Ohio and the inventory is just too much for the banks so they go to sale hoping someone will pick the property up for a song. Trouble is the min bid may not be low enough (2/3 of appraisal) for that to happen so a no bid comes back. They told us that it may get reappraised and then go to resale again OR they may sit on it for a while until they feel it would be beneficial for them to reinvest the money to go back to sale. So like so many in Ohio, we seem to be stuck. Tobee we should start a "stuck in real estate hell" club of course you will be president...