Sherif Sales/Upset Price

[Andrew Cowles]

Does anyone know how upset prices are actually set for sherif sales?

Most people say it is just what is left owed on the mortgage but I’m not entirely sure that’s the case. Some properties only have 15k left on the mortgage but are worth 200k and I can’t imagine the bank will allow that property to go for 15k. 

This makes planning for auctions extremely hard not knowing what the upset price is because I have no idea what actually looks like a good deal and I’m only 21 so I have a limited amount of capital and I don’t want to go in expecting to be able to bid on a property because there is only 50k owed on the mortgage when in reality the upset price is double that. 

Thanks for any help.

v/r

Drew