A foreclosed home can be sold either at an auction or on the open market. Ideally for a lender, foreclosures are moved quickly to an auction, which can be held either by a court that has made the foreclosure ruling or an escrow company that holds the title as a trustee. If this does not work, then the foreclosure can pass into the hands of the lending organization itself. In this case, it is sold on the open market. In both cases, the seller's responsibility for a foreclosure is typically minimal.
Seller Definition
The definition of seller is very important at the time a foreclosure is sold. In most cases, a seller actually refers to the lending organization, which at that time holds the title to the property and is the owner. The lending organization has very few obligations regarding the property, except to legally pass ownership over to the buyer. The previous borrower that owned the property before it foreclosed has no responsibilities.
Disclosures
The seller of a foreclosure isn't responsible for putting forth any seller's disclosures. As the seller, the bank does not usually have any knowledge of the property's history and is not under any obligation to perform inspections. If there are multiple offers -- a common occurrence with foreclosures -- then the seller will not disclose any terms of any other offers. Likewise, the seller has no responsibility to let anyone else know the details of the final sale price.
Property State
The state of the property can be an important factor in a foreclosure. Foreclosures are sold "as is," which means that there is no requirement for the seller, in this case the bank, to make any repairs to the property. In some cases sales agreements do detail specific changes that the seller must make, but these are concessions that must be made on a case by case basis.
Previous Owner Debts
Previous owners can also avoid responsibility for debts that may have otherwise stayed with them during a foreclosure. All the debts associated with a property move with it during foreclosure, which means they become the obligation of the lender and the foreclosed borrower no longer has to worry about them. This includes liens by contractors, judgment liens by homeowners associations for dues, and any other judgment liens for unpaid debts.
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