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I think someone bought a 2nd yesterday

Posted by 427 on July 26, 2011 at 3:17 PM

One we site is showing that a 2nd note was sold to a 3rd party and the amount reported sold is a penny above the opening bid. The amount of the opening bid was coincidently right around what an investor would have paid if the 1st had been foreclosing.

What would be shown if the 2nd had simply posted a drop bid and it went back to the benificiary (the 2nd)? Would it be reported as back to the benificiary or would be be reported as sold to 3rd party?

For what reason would a second want to bid on thier own drop bid if that is what happened?

If an investor inadvertantly purchasd this 2nd, they would have bought negative $200,000 of equity. Would they have any recourse at all, what could they do to try to "correct" that situation. Sad thought that this might have happened, I cant help wondering what actually happened as I am still not that familiar with how to interpret the sale results. The propery is worth roughly $280,000. On another site, the property is also being reported as sold to 3rd, but the sale price exactly matches the opening bid.

Notice of Sale Amt:


Opening Bid Amt:


Sold Amt:


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