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Marsha411JD
Marsha411JD, Lawyer
Category: Real Estate Law
Satisfied Customers: 19769
Experience:  Licensed Attorney with 29 yrs. experience with Real Estate
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If a house is worth $300,000 and the opening bid is $170,000

Customer Question

If a house is worth $300,000 and the opening bid is $170,000 on a december 11 auction and his unpaid balance is $144,000. Is it possible to get that house for an amount of $170,000 before the auction or even as low as $144,000
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Marsha411JD replied 1 year ago.

Hello,

Thank you for the information and your question. If the house is being sold at auction I assume that the lender has foreclosed and it the current owner of the property. In that case, although it is possible that they might take a cash offer at this point before the auction, it is unlikely that they would take anything less than the opening bid they have set for the auction amount. Usually, once they have the property with the auction firm the bank really is not interested in doing any sort of negotiation for the sale of the property. That is why they have it out for auction to begin with. That said, if you know who the current holder of title is, you can always contact them and make a cash offer, at the amount you want to pay, and see what they say. There is nothing wrong with doing that and, depending on the volume of homes they have in foreclosure and their desire to get rid of their inventory, they might entertain and offer and take it out of the auction. Again, not likely, but not impossible. It would have to be a cash offer though, that I can pretty much guarantee.

Please feel free to ask follow up questions if you have them. If none, then if you could take a moment to leave a positive rating, I will receive credit for assisting you today. Thank you.

Expert:  Marsha411JD replied 1 year ago.

Hello again,

I wanted to touch base with you and make sure that you did not have any follow up questions for me from the answer I provided to you on the 12th. For some reason, the Experts are not always getting replies or ratings (at the top of the question/answer page you are viewing or in the pop up box for this question), which is how we get credit (paid by the Site) for our work, that the customer thinks have gone through. In your case I received neither. If you are having technical difficulties with reading, replying or rating, please let me know so that I can inform the Site administrator. Please note that Site use works best while using a computer and using either Google Chrome or Firefox.

In any event, it was a pleasure assisting you and I would be glad to attempt to assist you further on this issue, or a new legal issue, if needed. You can bookmark my page at: http://www.justanswer.com/law/expert-marsha411jd/

Thank you.