Originally posted by Steve Babiak:
If you are fortunate enough to be looking in the right places, some counties will give the reason. I see things like "postponed to [date]", "bankruptcy", "stayed", "sold for costs", "sold to third party", and probably others that I can't remember offhand.
"Sold for costs" end up as REO; "sold to third party" can sometimes end up as REO too (when a junior lien holder put in a bid to cover debt owed to him, and ended up highest bidder).
The "postponed", "stayed" and "bankruptcy" listings are candidates to find their way back onto the for sale list in the future; they also present other possiblities as mentioned by Dan's earlier posting.
Often, the sale can be be delayed when there is a signed arm's-length contract for sale of the property, so they don't always make it back to auction.
And I did see (at least once) a default get cured in time to prevent the auction, where the foreclosure judgment at the county prothonotary ended up becoming "vacated".
Where do you get this information?
I talked to a couple of the trustees today and one of them did not know why the auction was cancelled but gave me the name of the lender. She said that sometimes they are told why the auctions cancel and sometimes they aren't.
I called another trustee company hoping for the same result and she simply wouldn't give me any information at all about the result of the auction, and said it was illegal for them to disclose information about the lender or result.
Would the clerk's office know what happened to these properties?
