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Repost Bronx Auction - Investor who buys at Auctions

Posted by Francisco Ycaza on July 7, 2012 at 8:48pm
Hello Members ,I have been looking to buy a property at The Bronx County Auction and I was doing some research and found something really interesting about what I noticed . There was an investor who bought 2 properties back in 2009 from the same lender for $100 . This was a Referee's Deed In Foreclosure . Why would this property that had 2 mortgages for a total of $550k sell for to the highest bid of $100 and the 2nd one $570K as well ? Typically , the lender would buy back the property for what is owed to them and in both cases it didn't . If any member is familiar with buying at Auctions your feed back is appreciated .Thanks,Francisco

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