Answers (2)
Best Answer
At a Foreclosure Auction, the Lender or Bank that is filing the Foreclosure will show up at the Auction. Said Bank is "the Plaintiff" in the Lawsuit for Foreclosure.
The Bank/ Lender intends to bid up to the amount that is owed to them...
The other Bidders know that the Bank is going to Bid up to the Maximum Amount that is owed on the Loan, so they don't even try to bid (what is the point? - you cannot win the auction, and if you do, you will owe more than the property is worth).
So the Bank opens the Bid by stating, "I bid $100 on behalf of the Plaintiff".
The other parties at the Foreclosure Auction [usually] bid nothing.
The Bank "wins" the Auction, and the Sale is recorded at $100.00
Best wishes,
Fred
The Bank/ Lender intends to bid up to the amount that is owed to them...
The other Bidders know that the Bank is going to Bid up to the Maximum Amount that is owed on the Loan, so they don't even try to bid (what is the point? - you cannot win the auction, and if you do, you will owe more than the property is worth).
So the Bank opens the Bid by stating, "I bid $100 on behalf of the Plaintiff".
The other parties at the Foreclosure Auction [usually] bid nothing.
The Bank "wins" the Auction, and the Sale is recorded at $100.00
Best wishes,
Fred
or it could be in detroit...
why some houses only sold for $100?
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