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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Legal Precedent Posted by bukzin on September 29, 2006 at 7:40 AM In Reply to: Legal Precedent posted by Joseph on September 29, 2006 at 6:34 AM : Ward should be able to give you chapter & verse if you want, but lenders usually start the bidding at 70% of the equity after taxes and holding costs because there is legal precedent that the lender is liable for not protecting the homeowner's interest at a lesser %. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++ What we see is, if the property is in poor enough shape the lenders sometimes will lower the opening bid to reflect condition. Its rare but does happen. Bukzin Follow Ups: Starts with Appraisal Joseph 8:52 AM, 09/29/06 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Ward should be able to give you chapter & verse if you want, but lenders usually start the bidding at 70% of the equity after taxes and holding costs because there is legal precedent that the lender is liable for not protecting the homeowner's interest at a lesser %. : ++++++++++++++++++++++++++++++++++++++++++++++++++++++++ : What we see is, if the property is in poor enough shape : the lenders sometimes will lower the opening bid : to reflect condition. : Its rare but does happen. : Bukzin Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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