Need help setting the upset price for my property in Sherrifs auc
I have carried the note on a piece of land for 2 years and the buyer has defaulted.. He has defaulted because of a $50,000 construction lien. We are getting a summary of judgment and the property will go through a trust sale or more than likely a sheriff's sale.. I really want to hold on to the property because of the improvements the buyer made to the property,have made it 2x more valuable than I originally sold it for. I am hoping that I can set the upset price high enough that no one will bid.
1. I'm wondering if there are any disadvantages to doing this to doing this. I am owed $315,000 on the remaining balance balance but the property is worth $900,000.
2. What cost will I incur by setting the upset price high enough it's not worth another person to bid?
3.Will I owe any difference by setting the upset price so high?
4. Will I owe any money to the the sheriff's department to get the property back?
5. How will the lien play into the upset price or the fees after if I am able to recover the property back if it does not sell?
6. What is the smartest and easiest way to make sure I get my property back?