I work in Ag lending and we would do a couple things. At the sale we would have an appraised value, in this case I am guessing less than the $675k owed. We would try to get the highest bid as close to the $675k if that is what is owed against the property. If that is not obtainable, depending on the highest bid, we may not sell the property and just hold on to it instead. The thing is that the bigger the gap between what is owed and what it sells for the larger the loss. Typically this ends up in a Judgement against the mortgagee which will haunt their credit until they pay the difference between sale price and what they owed. My guess is your bid of $200k would not be accepted unless you were the only interested party. In that case they may decide not to accept it or try to work with you to increase what you are willing to pay. Check if there are also back R/E taxes owed on the property as well. These may become your problem once you purchase. Make sure no other creditors have attached liens to the property either. Your local registry of deeds you can complete a free search against the property to see what liens may be on there.
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Today's Featured Article - Fasteners: The Nuts and Bolts of Nuts and Bolts - by Curtis Von Fange. The nuts and bolts of nuts and bolts is an interesting and essential piece of knowledge that applies to our older tractors. An improperly torqued capscrew on an engine head or a shear bolt that is too hard on the driving shaft of a bushog can create havoc and make an expensive and uncalled for repair. Let�s examine the purpose and design of these fasteners in order to ensure their proper use. Fasteners are probably one of the aspects of mechanics that is given the least amount of thought.
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