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    costa's Avatar
    costa Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jun 27, 2008, 02:18 AM
    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
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jun 27, 2008, 06:24 AM
    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.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
    Ultra Member
    		  
    #3

    Jun 27, 2008, 06:44 AM
    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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