Buying at a Hudson and Marshall Auction

Asked by Kathy, San Bernardino County, CA Fri Jan 23, 2009

Is there a percentage off the market value of a single family home that a bank will come down to on a home sold by a Hudson and Marshall auction?The bank is Wells Fargo on this particular home.Since it failed to sell at their asking price as a bank owned home they must expect to settle for less at the auction otherwise it would have sold already- right? Thanks for your input! K

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The Hagley G…, Agent, Pleasanton, CA
Fri Jan 23, 2009
Yes, they most likely expect to sell for less that the prior listing price, but be aware, there is still a reserve price that must be met at the auction. Mkae sure you view the home and do any inspection prior to the auction. Do your homework...the auctions move fast.
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