How do I find out when and where an auction will be, plus the openning bid?


#1

I can see that it is very complicated.? I’m especially confused
about how to determine the starting price for the auctions.?? I see a?
sale amount, but not an opening bid.? Are there any documents that explain
the catagories?? thx


#2

Hello,
?
It definitely seems complicated at first, but hang in there it gets easier pretty quickly. To find the location of a particular sale you need to look at the Notice of Trustee Sale, or if you are a subscriber of ForeclosureRadar, you can just look under Auction Details on the Opportunity Details tab for “Sale Location”.
“Sale Amount” is also on the Notice of Trustee Sale (and under Auction Details in ForeclosureRadar) and is typically an estimate of the total amount due on the loan.
“Opening Bids” often aren’t available until just before the sale. To find these you have 3 choices: 1) attend the sale, 2) call the trustee or 3) look in ForeclosureRadar. Our Track feature is particularly useful for watching opening bids.
If you are a ForeclosureRadar user be sure to spend some time in the help. It explains most of the terms and there are some pretty useful tips in there as well


#3

Sean, great job as always!? I love all the info on this site.
Regarding opening bids and getting some more detail - I see that they are not available until just before the sale, but can you go into more detail.? I would like to find this out before attending the sale if possible, so if i call the trustee a few hours prior, will they have the figure posted?? Or when would foreclosureradar have the info posted?
?
Is it likely you will get the property at auction for?$1 over the banks opening bid if you are the only other bidder?
?
Thanks for your help.


#4

We try to pick up the opening bids as soon as they are available. Certainly doesn’t hurt to call the trustee sale line as well, as you will sometimes find them there faster. Unfortunately these often aren’t announced until the sale itself, so your best bet is to attend, and be prepared. Finally, why waste .99? You can bid just .01 over, or if you are feeling generous round to the next even dollar. :wink: