Quote:
Originally Posted by Rusty
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. |
Correct and they do it based upon a reserve (a minimum acceptable offer) that the Bank establishes prior to the auction.