"v" wrote in message
...
On Thu, 17 Jul 2003 04:21:25 -0500, someone wrote:



....If you bid one dollar over fair market value. You can
have the house at that price....

What kind of 'deal' is to buy a house for over market value?

-v.

This is Turtle.

Little v , you havn't been at many Sheriff's sales laterly have you. At the
Sheriff's sale the Bank that is selling the property will make a standing
bid of what the house will sell for on the open market or some call
apprasial value. The bank will bid this just to not loose any money off the
property and sell it theirself to the public. Now if the house has a loan
from the bank of say $50,000.00 owed on it and it is worth $75,000.00. The
bank will only bid $50,125.00 . The $125 dollars for the sheriff sale cost
that is tacked on it to cover the sale expences. You can bid $50,126.00 and
they will sell it to you or not bid anymore because they got their money
back and don't care about being in the realstate business. You onlydanger is
someone else at the sale that may want the property and may bid it up to
apprasial valve and if you want it . You will have to bid on up to the
apprasial valve and stop. There is a very little chance of this going this
high at a sheriff sale fopr people don't go to the sale to pay retail for
the property and then resell it for retail price. they are there to make
money not buy and sell, at the same price.

Now when i stated you could bid Apprasial price + $1.00 and the house is
your for sure. Nobody will go there with you so if you want it. Bid this and
it is yours. I bought a rent house at the sheriff sale for $32,000.00 and
the apprasial price was $54,000.00 . they was nobody there that wanted to go
to retail there so I got it at a pretty good price.

Now what is wrong with this Little v?

TURTLE