Question regarding county foreclosure auction. Residing in Broward County, Fl?
Hello.
Suppose the final judgment of a property is $100,000. Suppose a bidder bids $5,000 and wins. What happens to the remainder of the final judgement? Is the bidder responsible for the remainder? How does the mortgage company obtain the difference in funds?
I understand the basics. Locate a property, try to get an inspection, and also get a title search. If it all checks out- its good to go to bid on. Can someone provide some more information. Thanks so much for your help!
The mortgage company won’t let the property go for a minor amount because that’s all they get. They will bid the loan amount. After all, they’ll be paying themselves. Then they can sell the property for a more realistic price.