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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Interference by 2nd Posted by Kenny boy on August 23, 2003 at 9:31 AM In Reply to: Interference by 2nd posted by SeanW on August 23, 2003 at 8:08 AM What is an "upset bid?" What state are you in? Is this a California issue? : In this post I asked Ward if a deal made sense. Although he said he wouldn't be interested, I persued it anyway when I had enough evidence that an old (prior-foreclosure) trust deed had been paid off. : This house went to auction at 37%FMV, but the holder of the 2nd was a large institutional lender. After the auction, the bank filed upset bids (5% more than the amount of the previous bid) to protect their position. : I wasn't the only person watching this deal. About 6 other investors placed upset bids too, but the bank just kept topping us. : Funny thing is, the house is now at about 60%FMV, and could still make sense to buy. But I, and other other investors, are beginning to petition the court for refunds of our deposits... The bank is just wearing us out, after two months of upset bidding. : It just goes to show, that 2nds don't always roll over and "take it!" Follow Ups: Re: Interference by 2nd (upsets) SeanW 9:39 AM, 08/23/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : What is an "upset bid?" What state are you in? Is this a California issue? : : In <a href=http://www.foreclosureforum.com/mb/messages/5752.html>this post</a> I asked Ward if a deal made sense. Although he said he wouldn't be interested, I persued it anyway when I had enough evidence that an old (prior-foreclosure) trust deed had been paid off. : : This house went to auction at 37%FMV, but the holder of the 2nd was a large institutional lender. After the auction, the bank filed upset bids (5% more than the amount of the previous bid) to protect their position. : : I wasn't the only person watching this deal. About 6 other investors placed upset bids too, but the bank just kept topping us. : : Funny thing is, the house is now at about 60%FMV, and could still make sense to buy. But I, and other other investors, are beginning to petition the court for refunds of our deposits... The bank is just wearing us out, after two months of upset bidding. : : It just goes to show, that 2nds don't always roll over and "take it!" 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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