Foreclosure in North & East>Question Details

Araca21, Renter in Los Angeles County, CA

what is a shortsale auction?

Asked by Araca21, Los Angeles County, CA Mon Mar 28, 2011

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A short sale auction? Soundls like a marketing gimmick on the part of some creative organizations to deliberatly try to drive multiple offers on SS to get the price above the bank approval price. If its a foreclosure auction then see other comments...
1 vote Thank Flag Link Mon Mar 28, 2011
Requires lender approval for any all sales offer however indicates the offer with highest bid could possibly be awarded an executed sales agreement

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Mon Mar 28, 2011
An auction is commonly called a Sheriff's Sale. Generally the opening bid is the loan and lien amount. This is higher than the current market value and the fiscal value. Therefore, the lenders usually reclaim properties at Sheriff's sales or County auctions.
0 votes Thank Flag Link Mon Mar 28, 2011
0 votes Thank Flag Link Mon Mar 28, 2011
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