[WSBARP] Sheriff's Sale Opening Bid

[Paul Neumiller]

If a condo HOA creditor (unpaid assessments) goes to a sheriff sale for
the unit for the amount of the judgment, does the judgment
creditor/sheriff HAVE to bid the judgment amount as the minimum bid?  The
unit is subject to a Deed of Trust which exceeds the FMV of the unit and
CC&Rs prohibit leasing so the HOA may not want the unit back.  It seems to
me that the HOA may decide to accept a smaller bid amount at the auction
from a third party bidder than the judgment amount in order to, at least,
get some cash towards the judgment amount and have a dues paying owner in
the unit (at least under the holder of the Deed of Trust forecloses). Any
thoughts before the weekend or is everyone already just staring out the
window?  

 

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