This type of things happen most of the time. Depending on the type of loan and the biddng instuctions the investor gives the bank. If the bank bids full debt there will be no bidders out bidding the bank! So in short it is legal and typical. There are good deals but it all depends on debt,investor and type of loan.
First Weber Group
Certified Distressed Property Expert
When appraising a home, the appraiser will be able to use similar homes in similar towns as long as the land values are similar. You should ask your loan officer ahead of time if they will have a problem. this is very common these days, you are not alone.... more