I am interested in a property that is scheduled for auction at the end of the month. This would be for us to actually live in. I?m trying to determine the probable opening bid price to see if we can even afford to bid. However, even after analyzing trends of past sales by this particular lender (Ocwen), I cannot see a consistent pattern between loan values, property values and the actual starting price.
I have a couple questions about starting bid price:
- How is the published bid determined? When I called the trustee, they claimed that the price was not announced and wouldn?t be until the day before auction. If this is true, where did the published price come from?
- What are the most important factors in predicting starting bid price? Is it more dependent on the loan value, property value or published bid?
- Do lenders vary the starting bid prices by geographic location or do they go only based on numbers and %?s? Meaning: will they likely increase the starting bid in ?hotter? areas even if the loan value is very low?
- Is there a way to look up public NTS records to actually see the documents?
- Do you have any general rules of thumb to recommend to predict opening prices? We are looking to decide soon if its even worth getting the cash together to go to auction.
Thanks for any help you can offer!