Foreclosure listings

[Account Closed]

From my understanding, when a home is foreclosed by a bank they hire a trustee to auction off the property.  Why are there foreclosure listings on sites such as redfin and zillow? Are these houses that did not have a winning bid during the auction?  And if so, is there a asking price for these foreclosed listings?  Just something that I have wondered about.

[Leo Bleier]

I'm not sure if they're houses that didn't have winning bids or not, I'm myself starting to learn about auctions and foreclosures, but the listings on Redfin, Zillow, etc. are bank owned foreclosures. If they are HUD homes or similar program homes, then there is generally a time period before an investor can make an offer. They hope to sell to first time homebuyers or owner occupants. The listings will generally have an asking price associated with them. After you make an offer, the bank, or banks depending on if there's a second, will see if they like your number. They are generally looking for a percentage of what they're owed on the property. Although I have run into banks that won't budge on price at all. I hope this helps a little. I'm still a newbie investor but have been working on educating myself about foreclosures.

Good luck out there!