Replies to This Discussion

Permalink Reply by sandra McCumber on August 22, 2013 at 8:08am

Thanks, Jeff I appreciate all the information you provided.  I wish my realtor would have taken my advice and jumped on this website...I sent to them, broker and realitor.

Thanks again, you have been a great help!!!

Permalink Reply by sandra McCumber on August 22, 2013 at 8:39am

Hi Jeff!

Thanks again for all your insight..I'll let you know if anything new transpires on all this!!! You are really good at providing timely information!!

Permalink Reply by sandra McCumber on August 23, 2013 at 8:19pm

Hi Jeff,

Just a quick question for you ....I have been told an unreasonable bid at a courthouse sale, say $100 can be set aside by a judge.  But if I am a winning bidder at 78,000.00 on a house that could later appraise at 150,000-200,000 what is to prevent this bid being "set aside" as well?

Do you know?

Thanks for any info you can provide....no word back from the broker or realtor since this all transpired so we will see what steps we need to take after the auction...

Permalink Reply by sandra McCumber on August 24, 2013 at 3:50am

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Permalink Reply by Bryant Tutas on August 24, 2013 at 6:10am

Hi Sandra. The sale at the court house is a sale to satisfy the lien or liens on the property. The 1st lien holder can out bid anyone just by bidding the amount of the money owed. To get a property for anything less than that the lien holder would have to agree to sale. If not then they win the bid, take the property back and place on the market as an REO. So any bid to have a chance will normally need to be pretty close to market value unless for some reason the lender (lien holder) just does not want to eh property back.  

I hope this helps

Permalink Reply by sandra McCumber on August 24, 2013 at 6:46pm

Hi Bryant!

Thank you so much for the helpful information you provided!!...I researched further online after you sent this and saw where if the bank takes it back as an REO they are able to drop some of the liens and then put back on the market with a realtor at a lower price.  I also read it may be possible to have an attorney negotiate for us with the representative associated with the bank via the case # associated with the foreclosure.  If we have no chance at the court house...what is your recommendation to be sure we can jump on this before everyone else does~since of course our realitor said we are the only offer pending on this short sale (sellers accepted our offer) we were just waiting for the bank to approve our offer. (our realtor is holding funds in escrow since we have made an all cash offer. I also just recently found the title company stated the file was being reviewed by the lender and they did not agree with a hardship. (Offer was based on the need for a ranch one level property due to medical issues) so lender decided there appears to be no hardship.  Title company says they do not believe the lender will postpone the Foreclosure Sale.  Although I never did hear back from our realtor if the offer was accepted, rejected, etc. the title company pretty much summed it up, they are going towards the auction...We have been pending approval for over a year on this property....Any suggestions? :") And again thanks for your input, I appreciate it!!!

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