Lakeplace Cottage

[gmarc]

foreclosed properties that are auctioned off on the court house steps.my wife pulled up the site a few weeks ago and prices didn't seen real.a lot of $1 or crazy prices. maybe a neighborhood had several sales at 400k in last 3 months then bamm a $280k sale

 

[melscuba]

Melsuba who told you that? maybe a realtor can chime in. some of the prices i've seen on the auction site are insane and so far under the recent comps i find them hard to believe.in neighborhoods with brisk sales it seems auction prices 20-30% under.

https://www.walton.realforeclose.com/ is where the auction site is. I spoke with a local (being SoWal) attorney who informed me of the process. It is also my understanding that the $100.00 auction wins are usually the bank buying back the property that otherwise didn't get any bids.

 

[Bobby J]

https://www.walton.realforeclose.com/ is where the auction site is. I spoke with a local (being SoWal) attorney who informed me of the process. It is also my understanding that the $100.00 auction wins are usually the bank buying back the property that otherwise didn't get any bids.

The bank typicallly "buys" the property back if no one bids to the note value.

 

[gmarc]

bobby i saw were a loan servicing company recently bought a home back for 290k that had a 850k or more note. my question is if the bank buys its own property back doe that go on the comp as a sale? if so it kills the neighborhood

 

[Bobby J]

bobby i saw were a loan servicing company recently bought a home back for 290k that had a 850k or more note. my question is if the bank buys its own property back doe that go on the comp as a sale? if so it kills the neighborhood

I don't believe that bank the getting the property on the courthouse steps will be considered a sale. What will be considered is when the bank then sells the property to the public.