Below you will find both REO & Foreclosure listings in the McCall area as well as what they are and how they work.
An REO (Real Estate Owned) is a property that goes back to the lender after it does not sale at the foreclosure auction. Most foreclosure auctions held do not result in bids or sales at the auction and the lender in turn is “buying” the property back at the opening bid. Once the property has been available for auction, without a bidder, at the title company or county courthouse the lender then takes title in a trustee’s deed and they are now the sole owner of the property free and clear. They then contract with a real estate agent to list the property and put the property up for sale.
Power of Sale Foreclosure Guidelines
The notice of sale must be recorded in the county where the property is located and given to the borrower and the occupants of the property (if not the borrower) at least one hundred twenty (120) days before the date of the sale.
The notice must be published in the newspapers in the county where the property is located at least once a week for four (4) consecutive weeks. The final ad must be run not less than thirty (30) days in advance of the foreclosure. The published notice must contact a legal description of the property, its street address and the name and phone number of someone who can give directions.
Said notice must include a legal description of the property, as well its street address, the lender’s name, the date, time, and place of the sale, and the name and phone number of the person conducting the sale.
The foreclosure sale must take place on the date, at the time and at the place specified in the notice. However, the sale may be postponed and held at a new time and place, so long as it is within thirty (30) days of the originally scheduled sale.