Quote:
Originally Posted by codeman671
Of course the reserve is not listed. Has anyone requested a packet?
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Do they need to put a "reserve" amount.
Reading the
MORTGAGEE'S NOTICE OF FORECLOSURE SALE it states that "At the conclusion of the auction of the premises, the highest bidder’s deposit,
if such high bidder’s bid is accepted by the Bank, shall immediately be paid to the Bank and shall be held by the Bank subject to these Terms of Sale."
It looks like a lender confirmation auction, where the lender either accepts or rejects the highest bidder.