Ok -- I've never bought one at an auction, but here's the scenario for me:
I know of a house that is in foreclosure right now. Owners have stopped making payments... I already tried to do a short sale with the lender, but they won't accept my very reasonable offers.
At this point I want to buy it at the Sherriff's auction when it goes up...
Questions I have:
- What determines how high the lender will bid on it? I know the owner is upside down on it right now.... So will they bid it all the way up to what's owed!?
- How do I find out when it's coming up for auction? Right now it's in the process of being foreclosed on.
- There is both a first & 2nd on the property. How is this going to impact the auction?
Cheers,
- Hakrjak
I know of a house that is in foreclosure right now. Owners have stopped making payments... I already tried to do a short sale with the lender, but they won't accept my very reasonable offers.
At this point I want to buy it at the Sherriff's auction when it goes up...
Questions I have:
- What determines how high the lender will bid on it? I know the owner is upside down on it right now.... So will they bid it all the way up to what's owed!?
- How do I find out when it's coming up for auction? Right now it's in the process of being foreclosed on.
- There is both a first & 2nd on the property. How is this going to impact the auction?
Cheers,
- Hakrjak
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