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Posted by Ward-CA- on April 26, 2002 at 20:48:27:
In Reply to: Time Line to vacate posted by Kristen on April 26, 2002 at 11:12:39:
: The auction is scheduled for May 10th, and the bank gave me a date to vacate of approx. June 10. Then they said I had three days after May 10 to vacate if they are not high bidder, but if they are I have until the first week of June. (June 10) So, if I understand what they are telling me correctly, if the bank doesn't buy it I have three days to vacate, if they do I have one month form the auction date. I would like to know which date I should plan on being moved out by. Any clarification would be appreciated.
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Kristen,
The answer to your question is . . . “It Depends”. The lender will take title to the property if no outside bidder makes a bid higher than the lender’s. And that will happen only if the lender’s opening bid is higher than 80% of the perceived, fair market value of the property.
Another factor to take into consideration is the state of your local real estate market at the time of the foreclosure sale. If it’s a Seller’s market then the market will be up, if it’s a Buyer’s market then the market will be blah—even the foreclosure market.
So, now with the above info you should be able to predict whether or not you’ll be moving earlier or later.
Hope this helps.
