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Updated about 3 years ago,
Need a Number: Blind Bidding - Cash Auction
We are going to place a blind bid for a foreclosure property in Los Angeles. There was a live auction held Nov 30 and now there is a 45 day overbid window open only to owner occupants and not for profits (no investors). The bid must be submitted in cashier's check for the full amount within the 45 days. We know there are two other interested parties who may place a bid, but we can't know if they will for sure, who they are, or how much they will bid. Based on the below how much would you bid if you really wanted this property and were ready to take it as is sight unseen?
Property "Zestimate" $1.6m
We are responsible for evicting occupants (if needed)
No interior inspection
No pictures available of interior
Title insurance is difficult to come on Trustee deeds - prelim title report shows small tax liens ($5-$10k) but no senior debt
Exterior looks 7/10 - roof looks good
Home built in 1960s
Recent comps sold at market for $1.3-$1.6
Live Auction winning bid $1.0m - subject to overbid
We are thinking of going in at $1.076m - thoughts?