question about Oliver's ear

[kazzy220]

@Sherry , no not an auction, it is where the owner could not make the payments and the bank takes it over, I think it is the last thing before a foreclosure. The owner still has the right to accept or deny the bid, and this owner accepted ours, but it is way below what appraisal is for. I THINK I am right?!?!? What I do know it is appraised for more than they sell it for. But in todays market which is a BUYERS market it is good for the buyer and sucks for the seller. They get less than what the house is worth and usually have to still pay into the bank.

Yes that's right. The owner can no longer afford the mortgage payments and has come to an agreement with the bank that it will be sold for less than it is appraised for. It could also sell for less than what is owed on the mortgage simply because the bank wants some money back rather than NO money back. The seller still has the right to accept/refuse/negotiate the contract but in the state of Ohio once a purchase offer has been accepted it is legally binding on the buyer just as a "normal" purchase would be.