Jump to content
House Price Crash Forum

Foreclosure Auction

Recommended Posts

A taster of what is to come here - a house last sold for $1.2M (having been sold by the builder in 02 for $535K) is up for grabs at a foreclosure auction - opening bid is $429K - watch the video to see what happens. (Note there will be a brief commercial before the auction video runs)


Ostrich sandwich anyone?



Edited by strbear

Share this post

Link to post
Share on other sites

I hope that's not how it will go here - quite a few bidders, highest bid was $705k, rejected by the mortgage company as too low. I would guess that price is around 2003/4 level. I'm surprised repossessors won't just take whatever they can take - seems some way to go in the States yet.

Edit: Probably a bit harsh - 50% off last buy price was best offer available - woo hoo!

Edited by mikthe20

Share this post

Link to post
Share on other sites

An update on the auction - the family involved bid $705K and the mortgage company came back with $745K.

Two interesting facts;

1) The family chose to walk away over £20K - consensus view is they will get the property for $600K and change soon

2) The mortgage company is already filed for bankruptcy! Surely they should be getting rid while they can - its on their website at $855K

More than anything its the complete swing from buyers struggling to lenders struggling that strikes me as the defining feature of this.





Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Recently Browsing   0 members

    No registered users viewing this page.

  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.