What are the laws concerning how many bids a bank the can take on a foreclosed home in New York State?

Question

Do they have to follow the same guidelines that a private owner must follow which state that they would have to decide on whether or not to accept one offer prior to looking at others, or can they take multiple bids and pick the highest bidder?

Answer 1

once it is forclosed, it belongs to the bank, they can do whatever they like......

Answer 2

In a foreclosure sale/bid there is normally a minimum bid. That minimum bid normally covers the loan balance, any and all fees necessary trying to collect the late payments to include any fees caused by the foreclosure.

Now if someone at the foreclosure auction make the minimum bid it is normally accepted, unless someone over bid, then the highest bid is accepted. It is not a closed bid it is an open bid.

There is not a different law for private note holders the foreclosure laws of a state covers both private and institutional lenders.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

Be very careful! some foreclosed properties have outstanding materials taxes that should be paid. some relatively have IRS tax liens that don't pass away at foreclosure. If it does have a tax lien, the IRS has one hundred twenty days to purchase it from you for an comparable fee you paid. optimal auctions also have a 5% shopper's precise type (auctioneers fee) which would be extra to the intense bid, it somewhat is the completed volume your mom ought to ought to pay. you purchase an auctioned abode with any and all faults, as-is, the region-is, no regrets, no attributable to lower back out different than if she won't have the skill to get a private mortgage to purchase. the various reason she ought to unfastened her deposit.