Skip to content
Two investors reviewing resources on a laptop

Get industry-leading resources — for free

Unlock resources for every investing strategy and stage with a free account.

By continuing, you agree to BiggerPockets LLC's Terms of Use and Privacy Policy

Followed Discussions Followed Categories Followed People Followed Locations
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 4 years ago on . Most recent reply

User Stats

6
Posts
2
Votes
Sean Stewart
2
Votes |
6
Posts

Determining bank fees/atty costs BEFORE Foreclosure Auction

Sean Stewart
Posted

Looking for intel on how to find out EXACTLY what the bank's credit bid will be at foreclosure auction.

I see the judgement amount listed in the case filing.  After attending several auctions I know the actual amount the lender bids includes fees + attorney costs.  So is the judgement is for, say, $175k, the actually amount of the bid is usually somewhere in the $185k-ish range.  

I'm bringing multiple bank checks, but I would love to have 1 for just $100 more than the actual bank bid instead of guessing.  (referees seem to go in $100 increments here)

Do I contact either the referee or plaintiff's attorney to find out what this total will be in advance?  Haven't found this specifically covered in the many, many foreclosure related posts (though I'm sure it exists!).

Most Popular Reply

User Stats

488
Posts
186
Votes
Bob Reinhard
  • Lender
  • Patterson, NY
186
Votes |
488
Posts
Bob Reinhard
  • Lender
  • Patterson, NY
Replied
Your down-payment is 10% at the auction win; 10% of the winning bid.
As to the rest, everything else falls into place after that, in anticipation of closing.
There is no "need" to know beforehand; but if you'd like to know, you'll need to contact the attorney. The referee acts only on behalf if the court, not in setting numbers.
Much success.

Loading replies...