kellykat65, Home Buyer in Orlando, FL

Will a bank ever hire a 3rd party to Bid on the house in Forclosure to raise the price?

Asked by kellykat65, Orlando, FL Thu Apr 18, 2013

Or am I being silly. In Monday 70 houses in Orlando were auctioned, maybe 4 were bought by third parties. The one I am renting was sold, but was paid for quickely, and just at the asking price. Which was low. Its been in the Auction 3 times. The Owner filed Bankruptcy 3 Months ago. Yet they sold it. I am looking for another rental in the Taft area, its hard. I am waiting for my eviction Notice I guess since it was Bought on the 15th. Nothing yet, but I do believ I have 90 Days? I was hoping it was delayed.

Help the community by answering this question:


I have never heard of the bank hiring someone to bid on the house in order to raise the price. I believe that would be illegal.

You do not necessarily need to be in a hurry to move. You should soon receive notice from the new buyer on where to send your rent payments. As long as you are in a lease agreement (that is current) then the buyers must adhere to the terms in the lease. They cannot evict you.
0 votes Thank Flag Link Thu Apr 18, 2013
I heard it was 90 days the tenant could the tenant required to pay rent to us if we purchase? What about a sec dep? I'm guessing he already paid it to the previous owner but probably won't see that money again. Thanks!
Flag Fri Jun 21, 2013
I was on a month to month lease with the last lanlord and he moved out of state never heard from him again, was told about 4 months ago to stop paying him because he does not own it. Bank didn't want rent money either.
Flag Thu Apr 18, 2013
It's possible the Condo Association was the seller and an investor purchased the Lien. In this case teh investor will have Certificate of Title to the property and be able to collect the rent from you. Sit tight. I'm sure someone will contact you about your occupancy status and allow you time to relocate if needed.
0 votes Thank Flag Link Tue Jun 4, 2013
Banks do not need to employ such a 'schill' strategy. In most auction environments the seller (bank) can impose a reserve that establishes the lowest acceptable price. This resserve is secret and not communicated to the public. In some cases the presence of the reserve is not revealed. Those attending the acution are unaware that a low price threshold is established and this will not be a simple highest bid gets a house deal. Using such tools makes a shill bidder unnecessary.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, Fl
0 votes Thank Flag Link Thu Apr 18, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer