Real Estate Investor · Center Moriches, NY · Member since 2011 · 163 posts · 4 votes
I went to go pay taxes today and while I was there I looked at the bulletin board for Auctions on some houses. While I was there, their was one house for auction but NO ONE showed up too bid, only two people on-site were the judge and representative of the house. While reading the paper, it showed the judgment was 240,000.
Now, this may seem silly but how come no one was at the bidding? If only one person was there to bid, wouldn't they be able to get the house at the starting bid...? or are all these shows getting too my head and their is MUCH more then just getting the high bid...?
What does it mean "The judgement of the house is ###,###"
Buyers / Bidders are looking for a certain spread between value and what they will have to pay at the auction. They probably assumed that what they would have to pay would exceed the value!
The judgement, I'm assuming, will be the amount owed to the bank for the property. The house may have been worth a lot less than the judgement, and no one turned up because they assumed the bank would have a high low bid.
Hopefully someone who knows NY trustee sales can chime in.