JRS at OBX
Elite Member
- Joined
- Jun 13, 2006
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
I was looking through the foreclosure auctions in my county and found a very nice soundfront house listed. The auction was a few days ago so it is still in the 10 day upset bid period. The opening bid was $101,000. The house has a tax value of $675,000 and you could probably list the house for 500,000 and have it under contract in a week.
So I started doing my research. If I could get this house for 100,000 I would be thrilled. I spent half the day looking for the catch. I searched the courthouse records for judgements, liens, etc. I checked the website and found the catch.
The auction that happened a few days ago was from the lender that has a second mortgage. They want $100k. Next month there is going to be another auction on the first mortgage. That mortgage was in the amount of $650,000.
So lets say I make a bid on the first auction and win. They would expect me to close in 30 days, but what would I be closing on?? If I win the first auction and somebody else wins the second, what happens?? Roomates?
Both foreclosures are being handled by the same attorney, did they screw up? Needless to say, I'm not bidding on this one.
So I started doing my research. If I could get this house for 100,000 I would be thrilled. I spent half the day looking for the catch. I searched the courthouse records for judgements, liens, etc. I checked the website and found the catch.
The auction that happened a few days ago was from the lender that has a second mortgage. They want $100k. Next month there is going to be another auction on the first mortgage. That mortgage was in the amount of $650,000.
So lets say I make a bid on the first auction and win. They would expect me to close in 30 days, but what would I be closing on?? If I win the first auction and somebody else wins the second, what happens?? Roomates?

Both foreclosures are being handled by the same attorney, did they screw up? Needless to say, I'm not bidding on this one.
