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Started By
Message
re: Foreclosures
Posted on 8/1/10 at 1:26 pm to East TN Tiger
Posted on 8/1/10 at 1:26 pm to East TN Tiger
quote:
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?
One reason would be just to draw bidders. Another would be to avoid the costly and drawn-out REO process. At auction, there are no realty fees. But REO you might have to pay 3-6% in fees.
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