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Started By
Message
re: Foreclosures
Posted on 7/31/10 at 7:17 pm to East TN Tiger
Posted on 7/31/10 at 7:17 pm to East TN Tiger
quote:
In TN the bank bids what they are owed
By law? You're saying they aren't allowed to bid less than they are owed? Seriously? Are you sure?
1
Posted on 7/31/10 at 9:15 pm to Tiger JJ
No, not by law - It's just the norm where I live. Our property values have decreased, but not like other areas of the country. Why would a bank bid lower than what's owed if they think they can sell it for the amount owed or more?
I could see the banks initial bid being less than owed if in California, Florida, Nevada, etc. as these places have seen a major depreciation in property values and it's very unlikely that they would recoup what's owed. I'm not in Louisiana but I didn't think property values had decreased this much there.
I could see the banks initial bid being less than owed if in California, Florida, Nevada, etc. as these places have seen a major depreciation in property values and it's very unlikely that they would recoup what's owed. I'm not in Louisiana but I didn't think property values had decreased this much there.
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