Sheriff Sale
Why does the bank rep always bid the minimum amount even if the actual value of the property is less?
Why does the bank rep always bid the minimum amount even if the actual value of the property is less?
Hi joeb
Think about it from the lenders point of view. They may as well try, just in case there is someone there who is dumb enough (sorry...uneducated enough) to pay it. Also it is more in likely the lenders policy.
This is a real problem where the lender have granted loans for more then the property is worth. It happens all the time in my area and sometimes it takes a while for them (the lender) to figure out they screwed up. I still make my offers based on what I know to be correct and hope for the best. I would rather get turned down than to over pay for a house.
Just my thoughts. Good Luck!!
Many times the loans are insured. But the lender has to repo the property to get the insurance payment from the gov.