The victim is… - Posted by JT-IN
Posted by JT-IN on January 21, 2011 at 12:07:17:
Everyone that is a party involved in the chain of title is being slighted; homeowner, lender and maybe the county. It violates Fed’l law by taking an unfair advantage, and therein thwarts the process intended of the highest open bid.
I have always heard about the collusion at auctions, but honestly… after bidding on more than one thousand homes at sheriff sale, I can’t honestly say I ever saw anything like what is described in the article. I have seen guys partner up to spread the risk of the deal, but not actual suppression of a bid.
Maybe except the time the Pakistani guy whose friend’s house was going to tax deed sale and their group was bidding on the property, as was I… And after the guy made some hand gestures threatening me for continuing to bid… Of course after that I ran them up even further after that little display, which certainly cost them another 50K at least. Since there was some tax liens on the property, I felt as if I was doing my patriotic duty in driving more $$$ to the US Treasury that day. They were p.o’d BIG time. Just another WAR story.