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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] How do I bid? Posted by Melissa on May 29, 2003 at 1:07 PM There is a house we want to buy to live in. The people owe 123K on it. It was appraised at 95K. The auction is in the next couple of weeks. We went to an auction this morning to see how things went. On one auction, the appraisal for the property was 249K and it went for 369K to the plaintiff (mtg. co.). In fact, most homes were auctioned to the mtg. co. On most of the others, the properties went for much less than the appraised value. However, the loans were not upside down like this one is. My question: do we have a chance to get this home? What should we bid? We are willing to go as high as 96K or so to get it. We had a banker look at it this am (not the banker we're getting money through) and he said it should go for 80-85K. Any tips are appreciated. The house is really ugly and doesn't have the characteristics that the other homes in the neighborhood have (fireplace, etc.). Thanks! Follow Ups: Probably Not Worth Bidding SeanW 2:58 PM, 05/29/03 (1) Re: Probably Not Worth Bidding Melissa 6:17 AM, 05/30/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : There is a house we want to buy to live in. The people owe 123K on it. It was appraised at 95K. The auction is in the next couple of weeks. We went to an auction this morning to see how things went. On one auction, the appraisal for the property was 249K and it went for 369K to the plaintiff (mtg. co.). In fact, most homes were auctioned to the mtg. co. On most of the others, the properties went for much less than the appraised value. However, the loans were not upside down like this one is. My question: do we have a chance to get this home? What should we bid? We are willing to go as high as 96K or so to get it. We had a banker look at it this am (not the banker we're getting money through) and he said it should go for 80-85K. Any tips are appreciated. The house is really ugly and doesn't have the characteristics that the other homes in the neighborhood have (fireplace, etc.). Thanks! 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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