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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Bids Below Owing Amount at Trustee Sale? Posted by Martin on March 18, 2004 at 10:46 PM I was speaking to someone claiming to be a former REO officer about minimum bids at foreclosure auctions and he said this: At foreclosure aucitons, lenders are free to accept bids of less than what is owed on the note. Is this true? If so, is this very common? If it's true, why would the banks repossess the homes and take title to them as REO's? It would seem that they would simply unload the house at the auction for whatever discount they so choose, and then avoid the cost and trouble of repossessing, repairing, listing and selling the home as an REO. Your thoughts on this are appreciated. Thanks! Martin Follow Ups: Lender's choice... Ward-CA- 10:01 AM, 03/19/04 (3) Re: Lender's choice... Martin 12:17 AM, 03/19/04 (2) Savvy competitors routine... Ward-CA- 1:03 AM, 03/20/04 (0) Re: Lender's choice... Sean, N.C. 9:46 PM, 03/19/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I was speaking to someone claiming to be a former REO officer about minimum bids at foreclosure auctions and he said this: : At foreclosure aucitons, lenders are free to accept bids of less than what is owed on the note. : Is this true? If so, is this very common? If it's true, why would the banks repossess the homes and take title to them as REO's? It would seem that they would simply unload the house at the auction for whatever discount they so choose, and then avoid the cost and trouble of repossessing, repairing, listing and selling the home as an REO. : Your thoughts on this are appreciated. : Thanks! : Martin : : 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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