- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Foreclosures
Posted on 7/31/10 at 9:15 pm to Tiger JJ
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.
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.
Popular
Back to top
Follow TigerDroppings for LSU Football News