How does the asking price start when a house is on auction?
I realize it’s heaviliy dependent on market or whatever. but how does the bank usually se tthe asking price on a house.
Is it at the principle on an existing mortgage minus 6% (realtors fees). Can I get it any better than this? It’s a mortgage auction. Not a tax sales auction. If you’ve been to an auction. What’s it like. How many bids are place on these houses. I’m in Texas.
Be aware that the lender involved will have a bidding representative at this auction as well. If other bids do not rise to the level which the lender wants, the lender bidder will outbid the remainder to buy the house at foreclosure for the bank.
So, if the bank thinks they can own the property and sell it for $100K, they’re going to bid up the price to very close to that figure.
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