Auction sale questions ?

[Ray Agosto]

So hello BiggerPockets I have a question about Sheriff's sale or House auctions , like when they do the opening bid in NJ I noticed they do opening bid at 100 but say there max bid will be let's say 170k. The layer or who ever is defending that person. So does that mean I have to beat that bid basically ?

[Mayer M.]

Correct. If the opening bid is $100 and the representative states I am willing to bid up to $170,000 on behalf of the bank you have to start at $1000 increments higher than the banks bid. So in this case the first bid would be $171,000.

I hope this answers your question