Does ForeclosureRadar continue to track a foreclosure after it is purchased by a third party bidder?
Submitted by MaryM on Sat, 04/05/2008 - 4:49pm.
How do we know if a bank or a third party was the winning bidder at the auction? If a third party is the successful bidder, does it disappear from your database because it is no longer an REO? Is there a way of searching only third party winners (to get an understanding of what buyers are paying at sale)?
Comments:
You can see auction results for each day using the Track feature, including the properties sold to third parties. Properties sold to a third party are dropped from the search feature as these no longer represent an opportunity.
Are these dropped immediately? While I agree that these are no longer an opportunity, this data would be helpful to be able to track for a few months after the sale. As lenders increase their discount %, more will go to third parties, is there any plan to have this data available going forward?
Essentially yes, they are dropped from search results at this time, though you can still find them in our Track feature if you know the County and Sale Date. And again, yes, we do plan to allow searching of past, or "historical" foreclosures that may no longer be opportunities but as you noted may still be interesting to look at.
MaryM, a side note. If the property sells at a trustee sale to a outside bidder (AKA '3rd party') it was never an REO.
They only become REO's if they go back to the 'bene'.
Thanks bukzin good point!
Also note that we are adding the ability to search for 3rd party sales in the next release (getting close!).
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