If I bid $1 on a foreclosed trustee sale property what other costs can I expect? I am the current renter of
the property and my landlord is not willing or able to return my $4,000 deposit. As renters we have known for several months this foreclosure process was taking place which the owner first denied. Can I buy the property if low bid for $1?
Answers (2)
The banks always have a minimum bid and it’s normally the amount of the balance of the mortgage they hold on the property. I have never seen a property go for 1 dollar. And what kind of property is it that bring a $4000 deposit?
FIRST ANSWER
Simple answer...NO, because I will offer $2 to outbid you...then someone else will bid something approximating the fair market value.
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