Re: AUCTION STARTING BID

Posted by Karla on April 08, 2007 at 20:28:20:

In Reply to: AUCTION STARTING BID posted by Lulu on March 27, 2007 at 12:05:30:

To try to answer your question...Do you have the newspaper notice? Or a copy of the posting? There should be an attorney's name and phone number. I have always called the attorney who is representing the lender. Have you gone to the county and checked the title? You want to make sure that this is a first mortgage. Otherwise you will have to take on the first mortgage.

Also, you will want to check with the attorney a few weeks before the sale to see if the sale has been cancelled. Then, I have always been able to get the opening bid amount the day before the sale. That is the amount that completely pays off the lien, expenses, costs, etc. Your bid can be anything above that. (The last property that I bought I paid $0.50 above the opening bid and won.) Usually you will have to have the mortgagor's name and the date of the sale to get the amount. Good luck with your adventure. I am assuming that you are just getting your feet wet. It is definitely a learning process!

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