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re: Foreclosures
Posted on 8/2/10 at 10:14 am to rmc
Posted on 8/2/10 at 10:14 am to rmc
quote:
Not really. The attorney for the bank sends bidders and they are given an amount. Some will bid the minimum and see if anyone else bids. Some just bid the total amount due. They have a hard stopping point which is usually principal + interest + court costs + sheriff's cost/commission + attorney's fees.
How exactly does this differ from a "trustee sale", which is what we have here in King County. Sheriff's sales here, as I understand it, are revocable and are generally over small amounts. e.g. You might see a $5K debt go to sheriff sale, but it's dangerous to deal in that because the debtor has like 6 months to pay it off, whereas the trustee sale is final. You take ownership the second the auction is over.
1
Posted on 8/2/10 at 10:46 am to Tiger JJ
quote:
You might see a $5K debt go to sheriff sale, but it's dangerous to deal in that because the debtor has like 6 months to pay it off
That is very similar to Texas's Tax Sale process, which is facilitated by a Sheriff. When people don't pay taxes the Sheriff auctions a lien for the delinquent amount or higher.
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