Posted by JCarroll on August 19, 2011 at 05:09:15 from (75.22.113.218):
I'm in Ohio. The foreclosure process here is that the bank gets a judgment, court orders a sheriff's sale, it's appraised (for True Market Value - TMV), and is then offered for sheriff auction starting at 2/3 of appraised value. If the bank does not want to sell it, they keep bidding it up, and the bank thereby forecloses, and thus owns the property.
I'm in this game. We bought a 4bdrm house 3 years ago at 72% of appraised value. Good enuf deal.
But things have big-time changed. This month out of 20 or so foreclosures, about half a dozen were bought back by the bank at MORE THAN THE APPRAISED VALUE. This means at the auction, there was a real third-party buyer bidding it up, but the bank kept on bidding so that they ended up as owner.
Why? Why does the bank want it back? The answer can't be to sell it at a profit, 'cause the next to the last bid (from a third-party buyer) would have accomplished that.
I'm suspicious that the bank gets some bailout - insurance settlement - something - if they become the owner through foreclosure. Can anybody share what is happening behind the scenes here that is making the foreclosure auction process a sham to give the banks a clear title????
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