Specified Bids

How do you know when and if a lender is going to offer a deeply discounted bid below the debt to dump a property at the trustee sale? I believe some have called this a “specified bid.” It seems like a lot of times, the specified bid is not stated until the last minute right before the sale takes place and there is not much time, if any, to get your funds together and get to the sale.

Number one problems with buying at auction today. The only real answer is to research many properties and come ready to buy any that get discounted.

That said, do pay attention to which lenders are discounting aggressively. Focusing on those lenders can at least increase your odds.