Federal Law requires the government to get as much money as possible for assets being disposed of. That includes foreclosed real estate. The starting bid will be $33,556, the amount owed to the government. The hope is the bids will go up from that amount.
If no one bids that, then the real estate will be re auctioned with a lesser amount or make offer as the starting bid.US government foreclosure auction- just pay off the default balance and no auction process?
It does not matter that you intend to hold those loans until they pay off, default or otherwise disappear from the balance sheet. ... - Purchase of ALL foreclosed real estate from the balance sheet of all financial institutions at today鈥檚 market value by a newly created agency of the US Government.US government foreclosure auction- just pay off the default balance and no auction process?
I'm pretty sure that the way this works is that they WANT as much money as they can get--therefore they want to go ahead with the action. The opening bid is just a number they are going to start the bidding at. It might sell for that amount if no one else bids, but they will be hoping for more and aren't likely to sell it ahead of time at that price.
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