Pokerjoe,
Once a house goes to auction, there is no rejecting a highest bid.
Highest bid gets it.
What does happen is many of the mortgage companies bid on their own properties that are going to foreclosure.
In Texas they are allowed to put in a high low bid.
What that means is they have a spread and no one at the auction can bid unless it is higher than the high side of their bid.
It is not uncommon for the spread of a high low bid to be something like $250,000 to $300,000. So unless you are bidding $300,001 the mortgage company gets the property for $250,000. |