I work in Ag lending and we would do a couple things. At the sale we would have an appraised value, in this case I am guessing less than the $675k owed. We would try to get the highest bid as close to the $675k if that is what is owed against the property. If that is not obtainable, depending on the highest bid, we may not sell the property and just hold on to it instead. The thing is that the bigger the gap between what is owed and what it sells for the larger the loss. Typically this ends up in a Judgement against the mortgagee which will haunt their credit until they pay the difference between sale price and what they owed. My guess is your bid of $200k would not be accepted unless you were the only interested party. In that case they may decide not to accept it or try to work with you to increase what you are willing to pay. Check if there are also back R/E taxes owed on the property as well. These may become your problem once you purchase. Make sure no other creditors have attached liens to the property either. Your local registry of deeds you can complete a free search against the property to see what liens may be on there.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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