When banks auction off a repossessed house,do they have a rep bidding to protect their finiancial interests?
A bank needs to recover their money so do they make sure they do not “lose” their house this way.
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April 3rd, 2010 at 3:00 am
BLOODY GOOD QUESTION MATE I DONT NO
April 6th, 2010 at 8:10 am
Ooooh sneaky trick. I could imagine someone doing that and if not well after reading this question, they just might start doing that.
April 6th, 2010 at 12:08 pm
They would have to be very careful, because they could get stuck with the last bid, then the place would not be sold, they would have wasted all the advertising and would still be stuck with it costing them money. Wouldn’t have thought it would have been allowed by the auction houses.
April 9th, 2010 at 11:54 pm
I would hope that if a bank has someone bidding for them that they would make that clear before the auction begins; otherwise the auction is rigged .
April 11th, 2010 at 9:07 pm
Bank’s bid price normally includes all the amount it is supposed to collect e.g. principal amount of loan, uncollected interests and charges, attorneys fees etc. or the value of the property whichever is lower.