Local water company is selling a property at auction soon. They are recovering 16K in water bills and attorney costs. It is a cash only sale. Zillow says it is worth 600K. Word on the street is it may sell for 100K or less, cash. There is a 2 year right of redemption. Looking at the liens on line it appears the mortgage owing could be around 900K. Taxes are current however.

Title insurance company says they would not sell a policy until the 2 years elapse. The water company filed a Les Pendens in January.

Here is the question: If a person buys the thing for 100K or whatever, how does this work out with the bank? Is the bank going to go after the buyer? Or would they just sell it for 500K or whatever they can get, then redeem it and give the buyer their money back? With the Les Pendens filed I don't know if a buyer can even aquire a clear title, so even though they "bought" it could the bank still sell it?

Thanks

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1998 C230 330,000 miles (currently dead of second failed EIS, yours will fail too, turning you into the dealer's personal human cash machine)
1988 F150 144,000 miles (leaks all the colors of the rainbow)
Previous stars: 1981 Brava 210,000 miles, 1978 128 150,000 miles, 1977 B200 Van 175,000 miles, 1972 Vega (great, if rusty, car), 1972 Celica, 1986.5 Supra