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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Foreclosure auctions are open to any and all bidders. Posted by Ward-CA- on March 21, 2002 at 5:48 PM In Reply to: Need info in Kansas posted by Les on March 21, 2002 at 5:20 AM : Hey Ward, I first want to say this is a great site. I learn a lot from you. I have a few questions about sheriff sale in Kansas. : 1) Can a attorney for the lender continue to bid on a property after their initial bid. Example, Suppose all cost for the attorney that bids totals $70,000 and I bid $70,001. Can the lender's attorney over bid me. (yes or No)? : 2)Case Study: From the court records, a borrower defaulted on a $109,000 mortage loan, however when it came time for the sheriff sale the lender attorney only bidded $92,000. I estimated the market value to be $130,000. I have seen example like this happen a few times and I am wondering why they would bid below the amount of the unpaid balance. What are your thoughts? : 3)Regarding the previous example, suppose they bid $92,000 an I overbid them. Can they continue to bid? I have search Kansas law, but found nothing that say lender's attorney can only bid for the amount due. : 4)Finally, can lender's attorney included they fees in all associated cost towards forclosure? My attorney seems to think they can not include their fees in their bid. =•=•=•=•=•=•=•=•=•=•= Les, 1. Anyone, without reservation, can bid at a foreclosure auction. 2. An underbid is usually done when the lender doesn’t expect anyone to bid. So if they are going to get the property regardless of what’s owed they might as well get it with the owner owing them a deficiency. Another possibility is that there’s alternative pledged security that would be available for any amounts owing after the foreclosure remedy has been run up the flag pole. Finally, some lenders want to make it crystal clear to IRS that their debt wasn’t satisfied at the foreclosure auction. Getting the property for an amount under their indebtedness demonstrates that fact. 3. Yes, like I said in #1, anyone can bid at a foreclosure auction. 4. Yes, a lender’s attorney will usually add their fees as an additional cost item to all others in summing up the total owed the lender. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hey Ward, I first want to say this is a great site. I learn a lot from you. I have a few questions about sheriff sale in Kansas. : : 1) Can a attorney for the lender continue to bid on a property after their initial bid. Example, Suppose all cost for the attorney that bids totals $70,000 and I bid $70,001. Can the lender's attorney over bid me. (yes or No)? : : 2)Case Study: From the court records, a borrower defaulted on a $109,000 mortage loan, however when it came time for the sheriff sale the lender attorney only bidded $92,000. I estimated the market value to be $130,000. I have seen example like this happen a few times and I am wondering why they would bid below the amount of the unpaid balance. What are your thoughts? : : 3)Regarding the previous example, suppose they bid $92,000 an I overbid them. Can they continue to bid? I have search Kansas law, but found nothing that say lender's attorney can only bid for the amount due. : : 4)Finally, can lender's attorney included they fees in all associated cost towards forclosure? My attorney seems to think they can not include their fees in their bid. : =•=•=•=•=•=•=•=•=•=•= : Les, : 1. Anyone, without reservation, can bid at a foreclosure auction. : 2. An underbid is usually done when the lender doesn’t expect anyone to bid. So if they are going to get the property regardless of what’s owed they might as well get it with the owner owing them a deficiency. Another possibility is that there’s alternative pledged security that would be available for any amounts owing after the foreclosure remedy has been run up the flag pole. Finally, some lenders want to make it crystal clear to IRS that their debt wasn’t satisfied at the foreclosure auction. Getting the property for an amount under their indebtedness demonstrates that fact. : 3. Yes, like I said in #1, anyone can bid at a foreclosure auction. : 4. Yes, a lender’s attorney will usually add their fees as an additional cost item to all others in summing up the total owed the lender. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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