All Forum Posts by: Jay Martinez

Jim, if a property does not sell at the sheriff's sale, it reverts back to the lender and becomes an REO. They then try to sell the property by a realtor or by auction. For a property to be eligible to be sold at auction, the title should be clear. No HOA's, back taxes or liens to the bidder/buyer. The reserve should be enough to make the lender whole, meaning they get at least the minimum they want or the auction sale does not happen. Please beware because many times the title is not clear and yet they sell it in an auction then you must have to wait to close while they get the title cleared. The auction terms should state there are no delinquent hidden costs yet once you buy, they sometimes ask for you to pay the late HOA fees, etc., even though the terms said it was free and clear. Here you would best get your attorney involved if this happens.

Thanks Chris for your honest post. Sometimes, the best intentions... But we can learn from this. It that regard, what were the comps at the time? Were the comps $275K or $325?

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