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Answers (1)
- Karen Hunt, "realestgirl"
- Contributions:124
Hi suzydel,
The bidding amount at the auction of a foreclosed home is determined by the bank. They decide what the "opening bid" is according to how much is owed on the mortgage, late charges, fees, etc. A trustee representative conducts the sale. In the state of WA, before bidding begins the trustee states the address of the property and the rules of the sale. Often they hand out numbers if there are a lot of bidders. All bidders must show proof of their funds, usually a cashier's check (or several) made out to the trustee in the amount of what they want to bid. The trustee starts out at the opening bid and goes from there. Whover bids the most, gets the property as long as they meet all the requirements. Hope that helps!
The bidding amount at the auction of a foreclosed home is determined by the bank. They decide what the "opening bid" is according to how much is owed on the mortgage, late charges, fees, etc. A trustee representative conducts the sale. In the state of WA, before bidding begins the trustee states the address of the property and the rules of the sale. Often they hand out numbers if there are a lot of bidders. All bidders must show proof of their funds, usually a cashier's check (or several) made out to the trustee in the amount of what they want to bid. The trustee starts out at the opening bid and goes from there. Whover bids the most, gets the property as long as they meet all the requirements. Hope that helps!
how does the bidding price work
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