Posted by Randy (SD) on October 16, 2004 at 11:47:12:
Starting bid will be $80,000… you say you pulled a title search and it is a $44,000 appraisal - are you saying the tax assessment is $44,000? Tax assessments are worthless when considering the FMV of a property, it has nothing to do with the appraised value of the property. The original mortgage for $23,000 is of little consequence, how long ago was that mortgage done? The owner probably refinanced the property for $80,000, I can assure you that mortgage loan was supported by an appraisal.
I seem to be missing something here. A house going to auction, I pulled a title search and it is a 44K appraisal, the original mortgage was for 23K and it shows a civil judgement agianst the property for $2300. Sounds like a workable deal, right? Now up comes a mortgage for 80K against this 44K house taken out just 4 years ago. Has anyone ever heard of a lending agency extending that much over appraisal?
My wife is going to the auction today, I am eager to hear what the starting bid will be.