Need auction opinions..
Ok here is the situation. There is a house me and my wife are wanting to buy. The bid price at the auction which is on April 9th is at 113,000.00. It is a nice house and it could be well appraised for 550,000.00. But I just found out that the 113,000.00 is just the junior lien on the property and there is still a 1st lien at 313,000.00. i f i wait after the auction and if no one purchases the property there could be a possibility that the lender will ask for more then it is already owed. i never dealt with an auction property where the second lien lender is processing the foreclosure. So to all you guru investors what are your opinions? What would you do? Is there a better way of handling this...? This is a property to live in. Thank you.