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.... more
If you will share your expected monthly rental with me, Norman, I will email you some available homes in that price range there for lease. You may phone or email me at your earliest convenience. Good Luck!
never heard of it. I will be interested to read responses to this post. Where did you hear about this? I'm wondering if you have misinterpreted something or it's something new that I need to know about! Thanks for the post.... more
Every county in California holds Sheriff's foreclosure auctions. Check with the Sheriff's office for timing. In my county (Contra Costa) they are held at 10:00AM and 1:30 PM Monday through Thursday.... more