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Unless the sale is concluded on your home prior to the first Tuesday of the month following the four consecutive weeks of advertising of your home in the county’s legal paper, your home will be foreclosed on at the courthouse steps.
The law firm representing your lender will be provided an opening bid from your lender and that will be the opening bid at the option. Unless there are other bidders for your home, your lender will purchase it for the amount of the opening bid.
If there are other bidders your home may be sold to what is referred to as a Third Party, generally and investor who provides certified funds at the time of the auction. Once done the property is now owned by the winning bidder at the auction.
If this happens the new owner will probably visit the property to insure that it is vacant. If it is not, they will file eviction proceedings with the county and will proceed to evict you from the property. This is the least desirable of all options and should be avoided if possible.
As Real Estate Professional with Metro Brokers and RE/MAX, we have worked with hundreds of homeowners facing similar situations. Our expertise in the areas of Short Sales and Foreclosures will provide strategies that will increase the probability of a successful outcome. And our ready supply of well qualified cash buyers and legal team partners will insure that we get to closing.
We understand that this is an awkward and undesirable situation; however we can assure you that as your Broker it will be handled with the utmost sensitivity and confidentiality. Please feel free to call or email us to arrange a personal meeting. 770-623-3313 or VanPurser@VanPurser.com