Foreclosure in Oak Park>Question Details

Liz G, Home Owner in Oak Park, IL

If a house is sent to auction by the bank what price do they ask

Asked by Liz G, Oak Park, IL Sun Nov 20, 2011

My short sale fell apart and I have 2 weeks til we go on auction. What price do they set for a home that the price was 228,000? Also with 2 children could I be evicted in December? my exhusband stopped paying mortgage and we are both on the mortgage,,if he doesn cooperate do I have any legal options to keep the house working only part time?

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3
Ron Thomas’ answer
What you are concerned about, (or should be), is what is the Market Value of the Home:
Have your Realtor do a CMA to determine that.
A lot of Buyers ask us to find out what the Bank has in it;
This is a closly guarded secret and nonsense anyway; they probably have more than Market Value in the house or else it wouldn't be foreclosed.

Good luck and may God bless
0 votes Thank Flag Link Sun Nov 20, 2011
As for any legal action you may have against your ex-hushand and possibly avoiding foreclosure, do consult with your attorney, he/she can better advise...
0 votes Thank Flag Link Sun Nov 20, 2011
I think the bank usually bids what is owed (the loan amount) and since no one will want to pay that the bank usually gets it. At this point it is now theirs and from here they can sell it. They usually get a market price and list it for that or a little lower.
0 votes Thank Flag Link Sun Nov 20, 2011
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