I was watching the auction today in real time and as I guessed BAC has picked up the unit for $100. I know that we all would like to bid on these things, who wouldn't want a condo for $100, but I understand from the clerks at the courthouse that if these banks and mortgage firms encounter competing bids, then they will just keep bidding up to the amount of their note.
So if you were to bid then likely they would just keep raisisng their own bid. It will be interesting to see what will happen on March 30th when 4 of our units come up for auction.
2 have no other foreclosures but ours and 2 do have (705 Reyes has Deutsche Bank and 702 Ussery has BAC Home Loans), the 2 that don't have any foreclosures pending but ours are 306 Smith and 401 Thomas.
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Auction Sold
03/05/2012 11:25 AM CT
Sold To: Plaintiff Amount: $100.00
| Auction Type: | FORECLOSURE |
| Case #: | 10002061CA |
| Final Judgment Amount: | $164,387.46 |
| Parcel ID: | 40000-100-058 |
| Property Address: | 601 CAPE COD DR 601 |
| PANAMA CITY BEACH, 32413 | |
| Assessed Value: | $77,675.00 |
| Plaintiff Max Bid: | Hidden |
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Probably BAC HOME LOANS who will then list it with a realtor for about half of the $163,100 that Karami paid for it 6/11/06.
Auction Starts 03/05/2012 11:00 AM CT
| Auction Type: | FORECLOSURE |
| Case #: | 10002061CA |
| Final Judgment Amount: | $164,387.46 |
| Parcel ID: | 40000-100-058 |
| Property Address: | <><><><><><><><><><><><><><><><><><><><><><><><><><><><>601 CAPE COD DR |
| Owner: Alamdar Karami | PANAMA CITY BEACH, 32413 |
| Assessed Value: | $77,675.00 |
You can keep up with sales at NCC on this site or at: www.bay.realforeclose.com/index.cfm or even register with the County and bid on them yourself.
See also Karami post of 1/24/12: http://nautiluscondosrules.blogspot.com/2012/01/601-karami-foreclosure-completed-by-bac.html
