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Home > Money & Services > Banking   »   bank property auctions

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Old Jun 27, 2008, 01:18 AM
costa
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bank property auctions
Is it normal for a bank to auction your property for the lower value i.e
the loan and not the mortgage ??

Anyone know why.

H

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Old Jun 27, 2008, 05:24 AM   #2  
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A bank is only interested in getting back what they are owed. So its not uncommon to set the minimum bid to just cover the outstanding balance plus fees.
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Old Jun 27, 2008, 05:44 AM   #3  
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You may be able to 'enhance' the bid if you can get other interested buyers to the auction, especially if you know their names and phone numbers. A friendly real estate agent may help with a list; then again, since their efforts failed, they may not.
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