what is an estimated bid amount?

Asked by Olga, 92612 Thu Sep 3, 2009

there is a property we're very interested in, the auction is on the 17th of september

This question is about this property: http://www.trulia.com/foreclosure/2006659125--Prospect-St-Ne…

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Jeremy Lehman, Agent, Garden Grove, CA
Thu Sep 3, 2009
This property may or may not go to auction. This is an advertisement by RealtyTrac.com. A lot of times the owners can try to work out a modification or delay the foreclosure process with legal proceedings, and moratoriums are not taken into account by RealtyTrac. Homes at auction many times go for close to market value, in some cases even hire depending on the desireability of the home. Auctions are fun and sometimes emotional. Make sure you have all the paperwork necessary to participate, otherwise you'll be turned away.
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Shawn Nichols, , Newport Beach, CA
Thu Sep 3, 2009
The estimated bid amount it the estimated amount that the bank is owed. This is not necessarily what the opening bid will be (the bank can elect to open bidding at a lower amount or a higher amount provided that they are actually owed that amount). As the sale approaches you can try to call the Trustee and they will often give you the actual opening bid if they have it.
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