A sheriff’s sale (or auction) comes at the end of the foreclosure process when the defaulting homeowner can’t repair his financial problems with the lender. There isn’t any reason for a foreclosed home to depreciate any faster than a traditionally bought home. Arrive before 10 a.m. on the date of the sale to check in and obtain an auction number. The new owner must continue to comply with all laws and regulations that apply to units subject to rent control and rent stabilization.
A list of properties for sale may also be obtained from Ocwen’s website at If you are interested in buying a VA-acquired property when it is listed for sale by Ocwen Federal Bank FSB, please contact a local real estate broker of your choice to see the property.
When a house is foreclosed upon, it becomes the property of the bank, which then turns around and sells it. While it’s irrefutable that a lot of human suffering exists in these situations, real estate experts fail to see how the buyer of the foreclosure is responsible for any of it.
Nevertheless, in an illiquid real estate market or following a significant drop in real estate prices, it may happen that the property being foreclosed is sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss.
In California, foreclosure sales are held on business days from 9 a.m. to 5 p.m. You are not allowed to view the property before bidding, anyone can bid, and the foreclosure can be postponed to another time and location by the trustee managing the sale.