who sets the opening bids at the auctions?

do the lenders or their trustees set the opening bids at the auctions, and how do they come up with the numbers?

I am just a noob who is attempting to do a lot of due diligence, but I’ll take a crack at this and Sean can come along and correct me if I am in error.
It is the lender who sets the opening bid.? Generally, the opening bid is set at what is owed on the mortgage that is being foreclosed on.? However, the lender has discretion to set the opening bid at any amount, and it? they are motivated to sell at auction, you will see the lender discounting well below what is owed on the mortgage.? At least that is what I am seeing in the counties that I have been following in my area.

Right on Colbyjw. I’d only add that 87% of properties taken to auction are discounted right now, at an average discount of 31%, and nearly 1 in 4 are discounted 50% or more.

thanks, appreciate the response.?