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Updated over 7 years ago on . Most recent reply

Paul Vang's profile image
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Paul Vang
  • from Sacramento, CA
  • Member since Sep 5, 2015
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Paul Vang's profile image
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Paul Vang
  • from Sacramento, CA
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Paul Vang
  • Sacramento, CA
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59
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Buying & Selling Real Estate

Total Estimated Debt when Auctioning

Paul Vang
  • Sacramento, CA
Posted

I'm trying to understand how auction works.  The example below shows a starting bid at 175k but I'm not understanding the estimated debt.  Does that mean if I win the auction, I'll be liable for the debt as well? 

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Wayne Brooks
  • #1 Foreclosures Contributor
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Wayne Brooks's profile image
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Wayne Brooks
  • #1 Foreclosures Contributor
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  • from West Palm Beach, Florida
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

The debt owed to the foreclosing lender is irrelevant to you....the price you pay is full settlement for that debt.  It may however influence what bid amount the foreclosing lender will allow the property to go for at auction though.

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