Foreclosure Process Question

wifi · 07-05-2010, 12:30 AM

Quote:

Originally Posted by Lakesrider

......A quick side note...We had a foreclosure auction in Suissevale a while back. Only two people showed up for the auction. They got the property for under $85,000. A bargain. The problem being is that none of the abutters were informed about the auction as is stated in the Suissevale HOA rules. So I was not there . I would have loved to have gotten that property. Now I watch the real estate ads very carefully in Suissevale.

Suissevale Association has a first right of refusal on ALL properties, so the association will prevent anyone from getting a good deal. What happened here?

Lakesrider · 07-05-2010, 09:36 AM

I asked that same question and no one could answer me.
I also wanted to know why no sign had been put up at the entrance if it was a public auction. Smelled fishy to me from the start.
I even called Laconia Savings Bank who the foreclosure was done by. I made such a stink the bank Manager even called me back. I was told by him that a private sale would have had to go through the Association but not a foreclosure. I asked if the deed had been transferred or not. They answered yes. I said well I would consider that a sale. Thanked me for my concern...."Good Bye".

Friend of a friend bought it maybe?

wifi · 07-05-2010, 10:58 AM

Interesting loophole, but I wouldn't want to pay the cap gains tax when the new owner sells it

07-05-2010, 09:36 AM	#2
Lakesrider Senior Member Join Date: Jun 2007 Posts: 2,129 Thanks: 380 Thanked 1,016 Times in 345 Posts	I asked that same question and no one could answer me. I also wanted to know why no sign had been put up at the entrance if it was a public auction. Smelled fishy to me from the start. I even called Laconia Savings Bank who the foreclosure was done by. I made such a stink the bank Manager even called me back. I was told by him that a private sale would have had to go through the Association but not a foreclosure. I asked if the deed had been transferred or not. They answered yes. I said well I would consider that a sale. Thanked me for my concern...."Good Bye". Friend of a friend bought it maybe?

07-05-2010, 10:58 AM	#3
wifi Senior Member Join Date: Jul 2007 Location: Lakes Region Posts: 1,321 Thanks: 282 Thanked 287 Times in 169 Posts	Interesting loophole, but I wouldn't want to pay the cap gains tax when the new owner sells it