So courthouse sale of recent foreclosed $250K house
There is this house in my friends neighborhood, nice colonial nice neighborhood and typical nice people. Husband went/going through Bankruptcy and house in wifes name is being foreclosed on. Bank got the judgement and now own? the house. (according to property tax record) Going up for courthouse steps auction and Hudson Marshall is the marketer. (I bought an auction house through them last year).
House in good condition/movein would sell for $265K or so. They had a mortgage from 2010 for $250, their judgment was $465K
Wondering what the "upset" price may be on auction day? Next week.
Also. So bank gets a judgement, they get the property back then put it on the courthouse steps.. Usually doesn't the bank just bid on it that day and take it back to unload later? How does that work?
I guess it got to be cash on day of auction as well. I can likely do that, but man $175 is my tops. House doesn't appear to need much and highly unlikely this family did anything bad to it.
Most Popular Reply
The bank will typically just buy it at the auction if nobody is willing to bid close to market value.
Then they'll list it as an REO which opens it up to potential owner-occupants as well as investors.
They know what the house is worth and they know we're in a sellers market right now.
Unless you're in an area with tons of REO's sitting around it's highly unlikely they will just unload it.