The house went into foreclosure today. In CO that means it is to be auctioned off at the Court House TODAY. There is a HUGE list of homes that were auctioned off today. In order to purchase a home in foreclosure in an auction you have to bid $100 higher than the bank and pay with CASH! The bid of the bank is the amount of the loan. Homes that don't have any bidders end up being bank owned property.
I was worried about the auction until John told me that the winner of the auction has to pay cash.
John found out today that the home we have a contract on was taken off the auction list. It sounds like the bank is moving forward, ever so slowly, with their loss on the loan with the seller. I think they would rather sell the home at a loss rather than hang onto a property and lose money...and lose more if they sell it for less or don't even sell it for quite some time.
No date for closing. Glad it didn't go to auction. John would love to buy a home at an auction and then use it as a rental or something like that. I'm not game for that yet. I'm recuperating from the move.
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