Why is “Opening Bid” and “Winning Bid” often less than “Sale Amount”. It seems auctions sell for less than what is owed… Is “Opening Bid” posted before the auction?
Hi Gary - Yes that is exactly what is happening. The banks are discounting opening bids an average of 25% statewide right now, and much more in some places. I personally like to look in track every day to see how these discounts are unfolding. They’ve really jumped over the last 6 months.
Opening bids are sometimes posted before the auction, and we try to post them as we can. Unfortunately they often are not posted until the time of auction so it is hard to prepare for these.