How do foreclosure sales work? Specifically, does the auction price start at remainder or est. value?
Question:
Answer:
if its a tax lien foreclosure, bidding starts @ the amount of the delinquency/taxes owed. a bank foreclosure usually begins the bidding a few thousand or so under the remaining balance due. of course all depends on circumstance. a sealed bid may or may not be accepted b/c there is usually a minimum that will be accepted. hope this helps.
Are we talking tax foreclosure sale or financial foreclosure? It should start at remainder if it's financial foreclosure. the other type can start anywhere, in either case it's where the price stops that counts. With financial foreclosure you will bid against bankers lawyers.
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