sold to third

Submitted by richard from CA - 04/29/2010 - 12:18pm

when it says sold to third: does that mean that bank took house back at trustee sale then sold to a third party or did so before

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Submitted by Michelle - 04/29/2010 - 2:17pm

At a trustee sale the foreclosing lender makes the first bid which is the opening bid (sometimes called the drop bid). If a 3rd party investor bids above the bank and is the winning bidder then the property shows as sold to a 3rd party. There are 2 possible outcomes of a trustee sale, Sold to Bank and Sold to 3rd.

Submitted by Donna Madden - 07/13/2010 - 3:42pm

How do I get the name of the person/company that bought a property at the Trustee Sale (third party sale)?

Submitted by Michelle - 07/14/2010 - 9:19am

Although ForeclosureRadar.com shows the outcome of the sales the same day (which includes sold to 3rd party) you will not see the name of the person or entity that purchased the property until the Trustees Deed is recorded. ForeclosureRadar.com will continue to update the record to show the Trustees Deed and change the current owner name once that document is recorded. This typically takes 5-20 days or more to record and post depending on how quickly the 3rd party investor records the Trustees Deed once they receive it from the Trustee.

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