property was foreclosed and auctioned

Guest 0.10 Dollars($)

I have or should I say had a property in Florida that was recently auctioned at the court house. I received a letter from the attoryney that it was sold for $100.00 to Fannie Mae. What does this mean? Aren't they supposed to try and sell the property for a fair market value? How can it be sold for $100.00??

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi Ivy,

Welcome to the forum.

Some times the property is sold even under the fair market value in the foreclosure process but how can it be only "$100.00??". I cannot think of a property value of only " $100.00??" Can please give us some more details and inform us about the fair market value of your property?

Best of luck,
Larry

Guest 0.10 Dollars($)

Larry that is what the letter from the attorney says. It says the highest bid was 100.00 and tht Fannie Mae aka Federal National Mortgage was the bidder.

Guest 0.10 Dollars($)

Ivy, how does Fannie Mae come here? was your lender approved by Fannie Mae? the home should have been sold at the fair market value or somewhat lower than that in case the market isn't good enough. I think you should contact the attorney for an explanation or your lender because he may have appointed the attorney. May be it is just a misprint.

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