I read the article but there was nothing about the bank having to sell for only 42k
In fact a part of it said this...
"The biggest lure of buying a foreclosure is the potential savings you get compared with buying a similar nondistressed property.
"It can be like a 15 percent discount on your neighboring houses," Reiss says. "So, it can be significant."
But Mendenhall says how much you will save depends on the local real estate market and the stage of foreclosure of the property."
Im confused. Say the bank was limited to selling a house for 42k.
There would be multiple interested buyers so how would they decide which investor to sell it to?