Master Commissoners Sales Questions - Posted by Dan_KY

Real Estate Investing
1

Posted by LUCKY on March 01, 2002 at 20:54:40:

Dan,

1st question;
some do sell for stated amount IE.(FHA,va) are government backed loans and the bank will bid all that is owed, and then send the government the bill.sometimes the PMI carrier will bid stated amount to protect themselves.If these are not the case then they may go for lower than stated amount.

2nd. question
I know they can stop the sale when filing for bankruptcy, even on the day of the sale.
I have never heard of anyone doing it after the sale,I have heard of a redemption period after the sale.

I would go early and ask questions, Talk to the Master Commissioner after the sale, he can give you more answers.

JUST MY THOUHGTS…

LUCKY IN KY

2

Master Commissoners Sales Questions - Posted by Dan_KY

Posted by Dan_KY on March 01, 2002 at 15:14:17:

Has anyone purchased homes from a Master Commissioner Sale? We have them about every two weeks at the county court house in Lexington, KY. Apparently, these folks are in default of their mortgages, and the mortgage companies are suing to obtain the outstanding balances. I am going to attend one on Monday. I have a couple questions:

  1. Do these homes usually sell for the stated amount needed? Higher? Lower?

  2. I have been told that the owners can stop these sales if they file for bankruptcy, even after the sale. Is this correct?

Thanks for your input.