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Make-up of opening bids, overbids, etc.

Posted by Ward-CA- on March 21, 2002 at 6:06 PM

In Reply to: unclear about MO foreclosure process posted by Cindy MO on March 20, 2002 at 1:58 AM

: I have enjoyed reading your board topics and have a few questions.

: The particular trustee conducting the sale I am most interested in states on their automated phone system that all titles they handle at sales are clear of all prior liens. Should I take any faith in that?

: Also if I should get the highest bid and am not the lender, is their any protection afforded me in MO from the original owner somehow delaying or voiding the sale?

: Are the trustees required to disclose?

: Does the lender always start the bidding? If they do, what is usually the next bid? I have read the it is usually $1 over the original bid.

: Also I was told by a banker that in Missouri, the lender does not have to settle for just what is left due on the loan. He said they could begin the bidding at that level but did not have to accept the highest bid if it did not cover all of the assorted associated fees incurred by the lender pertaining to the debt. Is this true?

: I appreciate any help you send my way.

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Cindy, I don’t take anyone’s word for anything of improtance in the foreclosure arena. I go to the recorder’s office and verify for myself exactly what the condition of title is.

The former owner can try to allege collusion between you and the lender or auctioneer, etc. but such allegations have to be proved and if they aren’t then you’re home free.

In most state trustees are not required to disclose anything about the property or the condition of title.

Yes, and the opening bid amount is usually the total sum due the lender. That means all unpaid principal, interest, late charges, out-of-pocket expenses, attorney fees, foreclosure fees, etc. The next bid above the lender’s opening bid could be as low as just a penny more. In fact about 30% of my purchases are just a penny more than the opening bid.


Hope this helps.


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