Time Opening Bids & Postponements Occurr


#1

Hello,

When using my Foreclosure Radar account, and identifying deals at the Trustee Sale, I am coming across a question that I need help getting answered:

  1. At what time does Foreclosure Radar update the “opening bid”? I’m assuming the opening bid is only noted if its differs from the published bid? I’m going through many auctions for today’s date (2/13/09)…and the majority for today, seem to not have an opening bid noted. And those that do, appear to be either be discounted below the published bid, or even increased from published bid. This information is valuable, if its able to be learned prior to the sale time (1030am, etc)…but not if its only posted after the sale. Please help me understand this.

  2. Basically the same questions about any possible postponements. Is Foreclosure Radar almost full proof, in the sense that if there is a formal postponment, it will be noted IN Foreclosure Radar prior to the sale time (1030am, etc)…or is this information only updated AFTER the sale time?

We are just trying to figure out if there is a way to always/almost always know if a house is really going to have a lower opening bid, and if the sale is actually going to take place that day. I understand, some postponements (maybe all?) do happen or can happen minutes prior to the sale.

THANK YOU FOR YOUR HELP!


#2

This is one of the most frustrating issues auction buyers face today. First, know that that we work really hard to make our postponement and opening bid information highly reliable, but we do not claim that it is perfect.
?
As for timing, we are really at the mercy of our network of lenders, servicers, trustees, posting and publishing companies and auctioneers to provide this information. We may get it before the sale, but often do not get it until after the sale. In the cases where we have postponed a sale, or set an opening bid prior to sale, it should be reasonably reliable. For those where we have not posted the info, you will likely need to attend the sale or risk missing out.