Ray it is no different then any of the transactions. The opening bid has nothing to do with the amount owed on the loan. Sometimes the opening bid is as high as the loan balance and sometimes it is not. Sometimes, as in this case, the home is purchased by a private party and sometimes it is not. All you can see here is the sales price. You don’t know if there are tax liens on the home, you don’t know if there is a cracked slab, you don’t know if it is owner or tenant occupied, you don’t know the shape of the home, you don’t know if there are IRS liens… In short there are so many mitigating factors that we do not know, that it is hard to tell if this is aggressive pricing or not. Chances are, the lender did get a BPO done prior to the auction to assist them in pricing.
If the answers to the above questions are no, then the buyer may have got a pretty smoking deal…
Most sales fall into postponed due to mutual agreement, or bene request. Some of them are cancelled, this is usually due to an accepted short sale or mod. Still others are cancelled due to bk.
