Asked by Britt Grotheet, • Wed Sep 18, 2013
We are very familiar with a home that is being advertised for auction at $480k (we have reason to believe this is around what is owed on the property)..
We have had the home appraised and had a number of contractors out to look at the home and the value today if it were on the open market is believed to be $230-250k. We would be willing to pay up to $250k at auction.
Does the advertised price mean that the opening bid will have to be $480k or higher?
If that is the case it would be pointless for us to go to the auction.
Also...no one in their right mind would pay $480k form this house/property...so what will happen to it?
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