Auction

[Danny Kish]

when a house is listed in the local newspaper for auction how could I find out how much is the opening bid ?iIs there a way I could find out before it's listed for auction to buy it from a bank?

                          Thank you danny

[Kris Haskins]

Originally posted by @Account Closed:

when a house is listed in the local newspaper for auction how could I find out how much is the opening bid ?iIs there a way I could find out before it's listed for auction to buy it from a bank?

It is not important to know what the opening bid is, what is the final bid is the important factor. 

When we sell properties at auction, our client has a reserve that is not made public, our goal is to reach that reserve, but sometimes we don't and sometimes the seller will accept less than their reserve.

Yesterday I conducted an auction where the reserve was $60,000, in my chant I started at $100,000 and went down from there finally getting an opening bid of $25,000, I worked the auction bids up to $55,000. Called the seller, they accepted that, property sold for $55,000.

So knowing the opening bid is not all that important, I think what you are trying to find out is "how much does the seller want".

Good luck,

Charles

 Good comment however I don't believe we are talking about standard auctions in the terms of "opening bid". We are talking about foreclosure auctions where the bank has a number that the 4closing trustee brings to the auction. They do not start high and then go low. They start off with an opening bid.  if nobody bids then the bank will take the property back, or rather buy it back, at that specific number. Typically there is no way to know what the opening bid will be. You must attend the auction as it can get very cumbersome.   They 100% always start with an opening bid and never go lower as stated in the above quote.