As for the first option of the forced sale, the property will be sold by a third party at an auction (probably resembling something to a sheriff's sale or foreclosure auction).

I would like to see, in clear detailed language, with dollar figures, how the purchase-auction-sale of a typical flip works.

hello,so i went to a new yrs eve party and someone there was talking about an incident that happened to their family member. basically the situation went down like this:he said his relative was facing foreclosure, nothing new these days, and that he was approached by this company (unfortunately i can't remember the name of the company as i type) but i guess what ended up happening is that they had him quit claim the deed over to the company and in turn they said they were going to help him from going into foreclosure, that they've helped countless numbers of people, yada yada. well apparently the guy got a notice in the mail stating that the house was going up for auction, etc...and now he can't get a hold of anyone and they aren't returning his calls. is this legal???

This home was listed earlier and reached just under $16K but the sale fell through, as do a lot of auctions on Ebay.

Then does not pay the mortgage when the real lender, lender forecloses and wipes out all the seconds he purchases the home back at the auction!!

If they think they can recoup more money thru an auction or REO-It doesn't matter who the buyer is!!!

I have had this come up in a recent file where an investor bought a home in January at an auction then rehabbed it and went into contract last week with a non FHA Buyer.

This means they have already been to the auction and did not get taken.

These are strange times, Lynn.I have two properties where I recently lowered the rents, one to keep a good couple, and the other to find a good renter.Then again, 18 months ago, at one of my college rentals, I had a 'rent auction' where the winning bid was $100 above my asking price.These days, I believe rentals are even more sensitive to the location factor than ever before.

What's the best way to go about the eviction process for a home purchased through foreclosure auction?