What Should This Go For?
Hello,
I will be taking part in a Trustee sale this Monday. I just want some of your opinion on how much you usually see winning bids go for above starting price. The property I am interested in starts the bidding at 139k. What are some examples you usually run into how much above the opening bid. I realize there are many factors. Just looking for your estimates. FMV of the property is prob 275-350k. My neighborhood is a quite one with not 1 real estate agent almost all sales are done word of mouth and I am hoping no one know about this one. Also the fact that it is at 10 am on a Monday and people will be at work. How many people do you usually see at an auction too?
Thanks for your help.
Twinkdogs,
A lot of people will be at work, at Monday at 10am. But my guess is that at 10 am on Monday there will be a lot of investors at the trustee sale. I think it will take a lot of luck that you will be able to get this near the opening bid if you are right about the FMV. I have only been to a few of these sales. But I have seen the bidding get pretty crazy. Do your reasearch and set you bid limits in advance.
-Adam
Yeah I hope it works out. I really can't wait for monday. My hope being there are hardley ever foreclosures in my area and that they were published in 2 non popular publications that this will be to my benefit. Last NFS in my area has to be something like 3-4 years ago from what I can gather so maybe I can luck out.