NY Foreclosure / reserve / upset price

[Robert IANNUCCILLI]

I am heading to my one and only auction this week prepared to bid. It is a property with a mortgage held by a private lender. If I am the highest bidder in the Nassau County Supreme Court will I definitely be the "winner" or might there be some undisclosed reserve up to the amount owed??

We have reason to believe that the lender is willing to accept less than the published "upset price" but I don't want to "win the auction / bidding" only to discover I won't get the property.

Can anyone help? Will the lender be involved in the open bidding??

I'M CONFUSED...

[Account Closed]

Robert,

The best thing is pay a title company to do a title search to see if there are any liens and title history. Robert some lenders that hold the deed that send their proprieties to the auction will put shills in to bid up the price.

Joe Gore