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Updated over 17 years ago on . Most recent reply

Earl Pippin's profile image
Earl Pippin's profile image
Earl Pippin
  • Real Estate Investor
  • from Lynn Haven, FL
  • Member since Jan 10, 2008
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Earl Pippin's profile image
Earl Pippin's profile image
Earl Pippin
  • Real Estate Investor
  • from Lynn Haven, FL
  • Member since Jan 10, 2008
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Earl Pippin
  • Real Estate Investor
  • Lynn Haven, FL
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Foreclosures

auction question

Earl Pippin
  • Real Estate Investor
  • Lynn Haven, FL
Posted

While attending some auctions in my state of Florida, I have noticed that the bank representative starts the bidding off at $100.00, and nobody bids against him. Does this mean that there is more owed on the mortgage than the house is worth, and does this mean that the bank representative will go as high as what is owed on the mortgage? Is that the reason others don't bid against him? Thanks in advance for clearing this up for me.

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