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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MulhollandDrive who wrote (85159)8/14/2007 10:45:41 AM
From: TradeliteRead Replies (1) of 306849
 
There is never a specified selling price on a trustee's sale, which is held on the courthouse steps. If no one bids the minimum (which I assume is at least the amount of the loan being foreclosed--in the case I cited, it was $750K),
title reverts to the lender because the lender bids on it himself, and eventually the lender will sell it some other way on the open market, most often by listing it with a real estate company.

In a mortgage state, things might work differently and faster. But Virginia is a deed-of-trust state.
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