Posted by Arthur on July 11, 2003 at 18:18:17:
Maybe the outstanding balance was less than what you offered. When a property forecloses, the person foreclosing is only interested in getting back what is owed. So, if a property is worth $100k, the outstanding balance is $30k, and your the only bidder on the court steps, you could pick up the property at 30 cents on the dollar. But seems like if its 3 years old there couldn’t have been much equity in it, and your offer was over or close to what was owed.
But well done on your deal, and good luck in making a profit.