Does anyone know how Recontrust establishes prices for its opening bids? Do they get a BPO or Appraisal from curbside? Do they have someone research a property for permits, completed or uncompleted repairs, etc?
I would expect that their practice varies, but I would be interested in hearing about any practices you have seen or heard about.
Thanks
Opening bids are typically specified by the lender not the trustee. It does vary from lender to lender as you will see some opening bids set at the full published bid amount and others are substantially discounted. The amount of the opening bid will also depend on the loan and the underlying investor. Each trustee may have numerous lender clients.