I am curious about why do some lenders disclose/show their minimum bid/reserve price at the court auction and some hide it. is it because their want money quicker to move on , and don't have the time to find agents to resell the property on the MLS, or on site like auction.com, hubzu and come etc etc ? or do they think it will attract more money than the judgement . I am just baffled.
second question, I also noticed some florida counties like Volusia for example discloses the minimum reservice price. it looks like the lenders in this county cannot hide their reserve. why is this ?
Some lenders figure out what they’ll take for the property at auction and therefore set s price that may be lower than the judgment. Others who haven’t done this simply set the bid st the judgment amount.
The only reason they generally reveal their max bid to avoid people running it up to $100k or so if the bank won’t let it go for that since the bank has to pay doc stamps on their bid amount also....they’d rather get it back fir the min $100 bid.
None of this really makes any difference though, except it may prevent you from wasting time in a property with too high of a bid set.
Boy, I miss the good old days of live bidding.....