In the latest articles written, we discussed quite a few things actually regarding auctions taking place online and auctions that take place offline. There are many people that would rather only attend an offline event, than sit over a computer screen and wish that they get their dream item at a very good price.
Today we are going to talk about bids on foreclosed homes and auctioning such properties. Before I get into it, I just wanted to make some discussion on the moral part of it. We obviously know that those homes are up for grabs, because someone failed to pay their mortgage and thus the bank took it. So I am hoping to write things that aren’t opinionated but are rather offering food for thought.
What do you think? Is it okay to buy a foreclosed home when you know someone was kicked out of it?
Here’s my take on this: It is the home of someone who lost it, definitely! It is a bad thing for people to be in such financial distress to not be able to have a home of their own. According to the rules of the game though, the home doesn’t belong to that person or family until it’s paid off. So officially, the bank is really the owner of the home, and is just letting you live in there until the loan amount has been paid off or been forgiven. So many times we say: the banks kicked them out of their homes. No they didn’t: the banks kicked them out of the bank’s property for lack of sufficient funds.