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Mink Islander · 02-24-2008, 10:13 AM

We saw this in the early 1980's as well. Leveraged summer homes going to foreclosure. The prior owner of my property bought it at foreclosure around then.

Couple thoughts: 1) I wouldn't assume just by the liens on the property that it ='s the debt outstanding. If there's a home equity line, the bank will file a lien for the full amount but the actual usage may be lower. Perhaps the attorney handling the foreclosure will have a fact sheet? 2) I definitely would NOT assume the bank will credit bid the debt up to the full balance of the loan. It depends. Banks don't like to own real estate -- it's expensive to carry. They'll have their own view of value, considering the carrying costs (and time to market), broker fees, etc. That said, they won't be in a panic to sell it at any price either. As the saying goes, your first loss is your best loss...

I won't be surprised to see the sale date moved to May once they figure out the difficulties in getting to the property in the 3rd week of March. The attorney probably has no idea this is a non-bridged island.

Will be interesting to hear if it sells and for what price.

02-24-2008, 10:13 AM	#31
Mink Islander Senior Member Join Date: Apr 2004 Posts: 753 Thanks: 59 Thanked 271 Times in 129 Posts	Deja vu We saw this in the early 1980's as well. Leveraged summer homes going to foreclosure. The prior owner of my property bought it at foreclosure around then. Couple thoughts: 1) I wouldn't assume just by the liens on the property that it ='s the debt outstanding. If there's a home equity line, the bank will file a lien for the full amount but the actual usage may be lower. Perhaps the attorney handling the foreclosure will have a fact sheet? 2) I definitely would NOT assume the bank will credit bid the debt up to the full balance of the loan. It depends. Banks don't like to own real estate -- it's expensive to carry. They'll have their own view of value, considering the carrying costs (and time to market), broker fees, etc. That said, they won't be in a panic to sell it at any price either. As the saying goes, your first loss is your best loss... I won't be surprised to see the sale date moved to May once they figure out the difficulties in getting to the property in the 3rd week of March. The attorney probably has no idea this is a non-bridged island. Will be interesting to hear if it sells and for what price.