Foreclosure in 45015>Question Details

Ashley, Home Buyer in Lindenwald, OH

Can someone please give me details about a Butler County Sheriff's Auction? Do houses sometimes sell for the starting bid? Thanks

Asked by Ashley, Lindenwald, OH Sat Nov 26, 2011

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Ashley the starting bid is not material to the outcome of the auction unless Nancy Nix is the party forclosing then it is a tax sale. The lender has sued for a dollar amount for default on the note. The lender now has a judgement aand the property secured by the mortgage is auctioned to satisfy that judgement. The lender will normally go up to the judgement amount because if they do not they can not pursure any deficiency against the borrower or mortgage insurers.

By the way the Sherrifs appraised value is not arrived at byu using appraisers. Ohio was a state in 1803 and at that time there were no appraisers. The method used is that a deputy drives 3 land owners in the county past the property. These 3 people are appointed by the Sherrif and come up with their own independent value of the property and the avergage is the value.
I would like to get on that appraiser list as they get 85.00 a property and see about 20 in one day.
0 votes Thank Flag Link Sun Nov 27, 2011
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