Property Q&A in Encinitas>Question Details

Tracey Schro…, Both Buyer and Seller in Encinitas, CA

In the descriptions re. Notice of Foreclosure Sale, what is the bid amount stated - opening bid?

Asked by Tracey Schropp, Encinitas, CA Wed Apr 15, 2009

For example this description stated: This property is a Notice of Foreclosure Sale. A notice was filed at the recorder's office by the lender's attorney signifying a public auction. This 1437 square foot property has 2 bedroom(s) and 2 bath(s). The estimated bid amount is $519645. This property will be auctioned at public sale on May 07, 2009. Is the $520K the expected opening bid so actually would expect to go higher?

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This question is about this property: http://www.trulia.com/foreclosure/2003135608--Coneflower-St-…

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Answers

1
Usually it's an opening bid - it's based on the lender's loan amount in many cases.
Web Reference: http://SeattleHome.com
0 votes Thank Flag Link Wed Apr 15, 2009
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