The house then has to be auctioned by the bank. If we are in this situation, what should we do? Disadvantages of Having Your House Auctioned Before I talk about how to save your house from auction, let's first explain the disadvantages of having your house auctioned. 1) Unable to control prices When a house is auctioned, the seller will lose control of the price. We don't know what method the bank uses to determine the auction price or what we call the reserved price.
They may use the forced sale value determined by the appraiser. croatia whatsapp fan Or they may use the loan balance (plus auction and sale costs) or they may determine it in another way. But one thing is for sure… Banks don't want to make a profit when they auction. They just want to get back the loan balance that the seller hasn't paid. That's their main motivation.
the reserved price is far below the market price. 2) Don't expect the bid to be too high. When a house is put up for auction, the auctioneer will open the price for bidding. The bank will sell the house to the highest bidder. But most of the people who buy houses at auction are real estate investors. They have set the price they want to bid so that the return is worth it.
So it's very likely that
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sumaiyakhatun29
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