The estimated bid amount is the opening bid to be declared at the foreclosure sale. this estimate is subject to change upward or downward when the auction actually gets underway. Call the trustee the morning of the sale to acquire the most recent bid amount of record and your safe to say it will be offered at that price at the sale. The final price will be determined once all the bidding has been closed.
The bid amount is determined by the trustee for the beneficiary and includes the principle balance of the outstanding loan, all unpaid past due mortgage payments, property taxes due, trustee fees, foreclosure attorney's fees and accumulated late fees all subject to any senior liens on title. It is not based on market value, only the amount of the debt accrued.
Diane Wheatley, Broker