Author Topic: What is an assignment of bid sale? EILI5  (Read 781 times)

neophyte

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What is an assignment of bid sale? EILI5
« on: May 05, 2016, 05:23:22 PM »
I'm interested in a listing that says "This is an assignment of bid sale--seller is equitable owner."  Yes, I googled it, but I'm still not clear what it means.  One thing I looked like made it seem like you'd be buying the bank's interest in the property before it went to auction and then if bidding went beyond that (or whatever your top bid was) then you would walk away with the difference between what you paid and the winning bid.  A different thing made it seem like the foreclosure sale was over and you would be buying the winning bid from the auction winner.