Real Estate

Greenbean · 11-14-2009, 11:03 PM

All property (real or personal) is sold at Auction with reserve in the State of New Hampshire unless specifically advertised otherwise. If you want to go to a true auction where the high bidder takes the property then make sure it is marketed as an ABSOLUTE AUCTION. Only then can you know there is no one bidding on behalf of the seller.

It taks $20,000 to $30,000+ on average to foreclose on a home which is why Banks quite often buy the property back at auction - it saves time, notices, liens, past utilities, eviction proceedings, etc. that the bank might get stuck with. The cleaner less expensive the foreclosure the easier for the bank. They don't want to loose money so they buy the house back in at whatever they have invested in it. The more the seller has paid, the lower the price the bank has to pay to get it back.

11-14-2009, 11:03 PM	#10
Greenbean Member Join Date: Mar 2009 Posts: 28 Thanks: 0 Thanked 1 Time in 1 Post	A few thoughts All property (real or personal) is sold at Auction with reserve in the State of New Hampshire unless specifically advertised otherwise. If you want to go to a true auction where the high bidder takes the property then make sure it is marketed as an ABSOLUTE AUCTION. Only then can you know there is no one bidding on behalf of the seller. It taks $20,000 to $30,000+ on average to foreclose on a home which is why Banks quite often buy the property back at auction - it saves time, notices, liens, past utilities, eviction proceedings, etc. that the bank might get stuck with. The cleaner less expensive the foreclosure the easier for the bank. They don't want to loose money so they buy the house back in at whatever they have invested in it. The more the seller has paid, the lower the price the bank has to pay to get it back.