Legal Question in Real Estate Law in Maine

Our son's house is being forclosed on & going to be auctioned off. Surronding his home are all relatives so we really would rather not have new neighbors. Is it legal for family members to go to the "public" auction & bid like everyone else? What if no one else shows up at the auction, will there be a set starting price, a reserve?


Asked on 11/17/10, 6:42 am

1 Answer from Attorneys
Jerome Gamache Ainsworth Thelin & Raftice, P.A.

The auction is public and anyone, including friends, family members of the borrower can attend. Provided that the bidding quailifications are met anyome can bid. The starting price is impossible to detemine in advance, most often it is a market value as determined by the lender, or the amount of the debt, but sometimes it can be something else entirely.

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Answered on 11/22/10, 6:51 am


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