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fatlazyless · 11-02-2009, 11:21 PM

Had the opportunity to go to a bank mortgage foreclosure auction of a one bed, 625 sq' condo, w/ obscured ski mountain view in a NH ski area today.
.....................

Just the facts:

Mortgage loan, 2005, for $85,000.

Currently assessed by town for 102,000.

Auction bids started at 20,000. and final bid topped out at 45,000.

The auctioneer then announces that the mortgage lender, a Massachusetts savings & loan, has a reserve minimum bid of $87,500.

The end....no sale.....no tranfer of property....nada.

One of the bidders, a local real estate broker, she said after the auction that the units' current selling price would most likely be in the 60's in today's market, and a couple-three units had sold for $120 - 125,000, back in 2007.

.............
How about that...I thought that was pretty interesting. So, what does the mortgage lender who continues to own the property do next? ....wait for the market to improve.....relist with a different auctioneer.....or lower the reserve minimum price ....or something........like what.....what.....what?

What happens next?

About ten other similar units in the same area are currently for sale, although not as foreclosures, with asking prices from $75-80,000. and have been listed for months and years.

11-02-2009, 11:21 PM	#32
fatlazyless Senior Member Join Date: Apr 2004 Posts: 9,173 Blog Entries: 1 Thanks: 310 Thanked 1,103 Times in 812 Posts	Monday foreclosure auction Had the opportunity to go to a bank mortgage foreclosure auction of a one bed, 625 sq' condo, w/ obscured ski mountain view in a NH ski area today. ..................... Just the facts: Mortgage loan, 2005, for $85,000. Currently assessed by town for 102,000. Auction bids started at 20,000. and final bid topped out at 45,000. The auctioneer then announces that the mortgage lender, a Massachusetts savings & loan, has a reserve minimum bid of $87,500. The end....no sale.....no tranfer of property....nada. One of the bidders, a local real estate broker, she said after the auction that the units' current selling price would most likely be in the 60's in today's market, and a couple-three units had sold for $120 - 125,000, back in 2007. ............. How about that...I thought that was pretty interesting. So, what does the mortgage lender who continues to own the property do next? ....wait for the market to improve.....relist with a different auctioneer.....or lower the reserve minimum price ....or something........like what.....what.....what? What happens next? About ten other similar units in the same area are currently for sale, although not as foreclosures, with asking prices from $75-80,000. and have been listed for months and years. __________________ .... Banned for life from local thrift store! Last edited by fatlazyless; 11-03-2009 at 10:17 AM.