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 - Usin Your Implements: Bucket Loader - by Curtis Von Fange. Introduction: Dad was raised during the depression years of the thirties. As a kid he worked part time on a farm in Kansas doing many of the manual chores. Some of the more successful farmers of that day had a new time saving device called a tractor. It increased the farm productivity and, in general, made life easier because more work could be done with this 'mechanical beast'. My dad dreamed that some day he would have his own tractor with every implement he could get. When he rea
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