Real Estate Law
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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?
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.