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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 28090
Experience:  JA Mentor
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The bank is supposed to foreclose on my house 1/14, I am

Customer Question

Customer: The bank is supposed to foreclose on my house 1/14, I am assuming the Plaintiff Maximum Bid is what they will accept. Is that correct? I owe $137k but the value, according to the court is only $ 56K. The plaintiffs maximum bid is $63K. If someone came in and won the bid for $63,500,
JA: Thanks. Can you give me any more details about your issue?
Customer: Sorry, My name is Carolyn. This is a foreclosure of my house & property.
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Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Lucy, Esq. replied 1 year ago.

Hi,

I'm Lucy, and I'd be happy to answer your questions today. I'm sorry to hear about your foreclosure.

It looks like your question got cut off. Can you clarify the sentence that started with " If someone came in and won the bid for $63,500"? Also, what state is the property located in?

Customer: replied 1 year ago.
Plaintiff's maximum bid is $63K does this mean anyone who bids must bid for higher than $63K to win the bid? This house is in Pasco County florida
Expert:  Lucy, Esq. replied 1 year ago.

Thank you.

The maximum bid means that the bank is willing to bid to up to that amount to buy the house and resell it themselves. The maximum bid is usually more than the value of the house, which makes it unlikely that anyone other than the bank will wind up buying the house. If someone bids more than the maximum bid in an online auction, it extends the time for bidding so the bank has one minute to decide whether to pay more.

If the minimum bid were $63k, then people would be required to bid at least that much before their bids would be considered.

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