County Auction - Help me understand the County write-up
Hello guys, I am trying to analyze a property going for auction in Ohio. Probably I am reading too much into it but I am getting confused with the last part of the County statement, "sale shall not less than 2/3 of the difference between the value of the real estate, as appraised, and the amount remaining on the mortgage".
If the appraised value is $160,000, the 2/3 of that is $106,666. Please help me understand the 2/3 difference? Thanks in advance.
Here is the full County statement.
Sold subject to the mortgage of a local bank, that there is due and owing on this mortgage the sum of $270,000. Sale shall be for not less than 2/3 of the difference between the value of the real estate, as appraised, and the amount remaining on the mortgage of the Defendant, Bank.