What do it mean when they say no up setting price?

Asked by Ronald Barboza, 96720 Thu Nov 27, 2008

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L.Nelson & A…, Agent, Brooklyn, NY
Thu Nov 29, 2012
When the plaintiff bids just a 100 dollars with an upset price of 100,000. What does this mean
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., , Kailua Kona, HI
Thu Dec 3, 2009
In laymen terms, it means when the gavel drops at the auction, the home will be sold at whatever the highest bid is.

Kind Regards,
Andrew Meislin

Lauhala Mortgage
74-5620 Palani Court; Suite 208
Kailua Kona, HI 96740

Phone: (808) 331-0585
Fax: (808) 331-0583
Email: Andrew@LauhalaMortgage.com
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Adrienne Pulu, , Hawaii
Wed Dec 3, 2008
Upset Price means the lowest price at which property may be auctioned or sold at public sale. So, no upset price means there will be a minimum bid and nothing below that will be accepted. Hope this helps. Are you interested in foreclosed properties? I suggest finding the properties before the auction(pre-foreclosure) or when it becomes an REO(Real Estate Owned). At the auction you will need at least 10% down of your purchase price immediately and have so many days to close. In some states, there are redemption periods when the owner can get the home back. Let me know if you have any questions or are interested in preforeclosures. Best Wishes, Adrienne Pulu, R(S)
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