Upcoming Foreclosures - For foreclosure properties, can you tell me the steps of the process please?

For foreclosure properties, can you tell me the steps of the process please?

For example, how is it determined whether house is owned by bank or government and whether… and how is it determined whether it goes on the market or to an auction… and where are the auctions held? If back taxes are owed, does the bank pay the city off? I am very curious as to how this process works. If know any of these answers, will you reply please? Thanks!

Public Comments

All these things can be taken care of for you by a good real estate agent. Call Remax. Ask to speak to a real estate agent. Tell the agent you want a list of their foreclosures. If they sey they dont have one of cant get one then they dont know what they are talking about. Thats when you call century 21 or another real estate company to you find a good agent that knows their stuff. They should be able to email you a list monthly or weekly. Tell the agent our concerns. They will handle all of this.
Calling an agent is a great idea (I am a broker) but I think what you are looking for are tax sales and sheriff sales. These are typically posted at your local county court house. Go to the court house and ask at the assessment office, or tax claim. One or the other will send you where you want to go. Financial institutions that hold mortgages on these properties will purchase the properties at auction and then they may put it with your local real estate agent. There are some deals to be had at this level. Where you have to be careful is if you purchase a property that still has a lien on it meaning you buy it for back taxes but you are also buying the old mortgage too. This can happen at auction. Good luck, make sure you do your research.
What state and county are you in? That determines a large chunk of the initial process. Make sure you work with a Realtor. They go for extra training and are held to an ethics code above the standard salesperson license. I find Prudential Real Estate to be great for real estate as well as my financial planning and portfolio. They are strong and stable across the USA. Go to www.RealtyTrac.com Good place to start the process. Hope this helps you, it has been successful for me. Good luck!
You can read about this information at my source. There is info on government tax sales, tax sales deeds, forclosures, stopping foreclosures etc.. http://www.foreclosedriches.com