Starting bid for foreclosure property in Puyallup Wa?

[Bob Malecki]

Hi All, my company is holding a non performing note on a home in Puyallup WA which is scheduled to go to auction this Friday 9/30. We would like to sell it at the auction and not take it back. The total amount owed to us is about $237K and online valuations look like around $250-260K. Any thoughts on a starting bid for this one? Have there been a lot of successful sales at the auction recently?

Bob

[Jay Hinrichs]

@Bob Malecki  check with Vestus or one of the other brokers who specialize in buying at trustee sale and bring the buyers with them.. they may have a client honing in on this that wants to buy and own it and move in  that is your strongest buyer by far. .

you maybe able to simply sell your note to them pre sale and walk.. I have done this in the past.. and or bought them right before the sale.. 

foreclosure buyers if they are flippers will be leery of hold over owners.. they cant get in it.. etc etc. 

so you would need to set opening bid low enough that allows someone to spit ball rehab and then commission then profit... so figure about 60 to 70% of value like Rick says to get the bids going.