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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 118200
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Cheri, Why do lender's make the ***** ***** bid hidden? JA:

Customer Question

Cheri, Why do lender's make the ***** ***** bid hidden?
JA: Thanks. Can you give me any more details about your issue?
Customer: I'm looking at buying a foreclosure property. The ***** ***** bid is hidden. The judgment $231K is lower than the assessed value $323K. I ran a title transfer report and can see there is another lien for $25K. If there are two liens why would the first bank make the ***** ***** bid hidden?
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Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
The bid is hidden because the bank wants to not have people rigging their bids and the bids are made blind. This prevents a bidding war with people bidding and then re-bidding to up their bid and it streamline's the process. The bid goes in sealed and the lender accepts the bid they find most appropriate.