What does it mean when a house goes to auction?
December 31, 2009 - 1:09 am
My realestate put a bid on a house for me with the bank. She called me and left me a message today starting that she called the bank about status on my offer and was told the house is going for auction
many foreclosure auctions are bringing bids of more than private sales in many areas. Its goofy but the public obsession is with foreclosures thus an increased demand brings out greed and bids of more than its worth.
The bank will not take lowball offers when they can get so much more at auction.
December 31st, 2009 at 6:35 am
it means the house will be sold to the highest bidder. you must have made an offer on a house in foreclosure or with a tax lien and whoever is doing the auction does not want to accept your offer so they are hoping they get a higher offer at auction
References :
December 31st, 2009 at 7:11 am
the bank refused your offer.they think they can get more at an auction.
you can go to the auction and bid but any bid below the market value or what is owed wil most likely be rejected also.
this is the normal procedure but there be other circumstances in your location.
the bank will bid for it also.
References :
December 31st, 2009 at 7:41 am
many foreclosure auctions are bringing bids of more than private sales in many areas. Its goofy but the public obsession is with foreclosures thus an increased demand brings out greed and bids of more than its worth.
The bank will not take lowball offers when they can get so much more at auction.
References :