Foreclosure in 30260>Question Details

Sherry, Other/Just Looking in Atlanta, GA

At courthouse auctions for foreclosure homes do they start the bidding at the highest prices and if no one

Asked by Sherry, Atlanta, GA Thu Aug 21, 2008

bids will the bidder continue to go lower on his bidding?

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George Saghafian’s answer
They start at a minimum to get the bid activity going. The bank normally has a reserve which is a minimum amount they need to sell. If it does not hit that reserve price, they buy it back or retract the offer. Most reserves are higher than the value of the house. You also need multiple cashier checks for the exact pay if you do win the action.
0 votes Thank Flag Link Thu Sep 13, 2012
Once the property is listed in the public notice... you can find the starting bid by
a.) visiting the listed attorney’s web site... often they state balance due - starting bid
b.) checking the postings at the court house on day of auction - each "bank” will post a list of the properties for sale with a balance due and starting bid.
Be careful the starting bid does not included liens and taxes due to clear the title
0 votes Thank Flag Link Thu Aug 21, 2008
They start the home at a minimum reserve price. This is usually what the bank needs to recoup their money and any fees incurred, or at the very least, a good portion of it. If no one bids, then the home will go on the market just like any other home. Many times the reserve price is actually higher than the value of the home, so you won't see anyone bidding. I would recommend going to an auction, observing, and asking some of the bidders some questions. Most shouldn't mind giving you some helpful advice.
0 votes Thank Flag Link Thu Aug 21, 2008
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