Who gets house when no bidders at auction? Interested foreclosed property, it went to auction with no bidders and ended up back with bank.
The house went to auction with no bids so the bank repossessed it. The owner said that some man she saw at the auction with the bank official came to her house the next day under the guise of working for the bank…turns out he is the one that put in the offer, as it sold at a very low price…what can I do to further look into this. It seems to me that the banks interest would be to get the highest price. Wouldn’t it be in the best interest of the bank to get the highest possible price on the open market? Prepared to go to local media to expose this…
I am not quite sure what exactly your question is, but being that you state several issues; the following is my interpretation:
(1) From a legal standpoint, unless you actually submitted a formal bid at the foreclosure auction, you would not have the legal standing to commence a viable action against any of the parties since you cannot prove that you had any vested interest in auction, nor can you prove any harm done to you as a result of the auction.
(2) If you want to go to the media with your concerns regarding the auction, you are probably going to need way more specific and accurate information regarding the “shady” people/dealings present and/or had with respect to the auction.
(3) Lastly, to directly answer your question above, NO, it is not in the bank’s best interest to get the highest possible price at auction. The purpose of the auction is for the bank to recover the exact amount owed to them pursuant to the judgment of foreclosure and sale. Any money they receive less than what is owed is the bank’s problem; and any money that they receive more than the stated amount that they are owed would go to any/all other lien or judgment holders on title; and if none or if all other liens and judgments are satisfied; then any remaining money would actually be remitted to the person that was foreclosed upon.
I hope this information helps.