Posted by ScottE on May 14, 2000 at 23:24:42:
Robert,
Who is responsible for ‘selling’ the property at the sale in your county? Doesn’t the attorney that filed the foreclosure for the USDA show up on behalf of his client?
Does the USDA just make loans in rural areas? I remember reading something about them before, but it slipped my memory.
Sounds like a good deal, congratulations!
Scott
Sheriff Sale Success - Posted by Robert McNeely
Posted by Robert McNeely on May 14, 2000 at 21:29:07:
I went to the Sheriff sale Friday morning not expecting much as the properties were all encumbered to the max with loans. The first house is a 3 BR ranch, built in 1994, appraised at $75K. The loan was for $66.5K and with back taxes of $1007 and Fees I felt the bank would be in at the upper $68K side. Five minuets before the first house is sold I notice that I am still the only one there! Then I notice on my list that the plaintiff is the United States Government USDA! These guys don’t show up or have any one there to bid. In Ohio the starting bid is two thirds the apprasial. I then got very excited as the the clock ticked down to 10:15, still I was the only one there. My opening bid of $50K got It! About $1K in paint and carpet will bring it up to the $75K value. I knew at five minuets before the sale the “bank” wouldn’t show because the last time I bought a Sheriff sale house was in Feb. and they didn’t show. I then asked my attourney later and he confirmed that they never show ( here at least) and let the tax payers make up the difference. I live in a small county with about 3 to 7 foreclosures a month. There is typically 4 to 5 peoply max at these sales.