Prior To Sale Date Information On Liens, 1st or 2nd Loan, & Opening Bid Reductions

Submitted by Daniel Maciel from CA - 02/23/2010 - 7:30am

So to know the opening bid is going to be dropped you need to be present at the sale and listen for the drop bid. So you have to look at every home with a high opening bid as a potential drop bid. So I need to view every property on that given day and have my max I would pay in case if any of them get the open bid reduced. So even though let's say their is 50 homes all with high open bids I still need to view all of them and hope the opening bid gets dropped on a few. There is no way to know before the sale date if the bid is going to be dropped. Also how do you research on Foreclosure Radar if the opening bid is a 1st loan or a 2nd loan. Also how do you research any liens on this property before the sale date.

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Comments

Submitted by Michelle - 03/11/2010 - 5:11pm

You can easily track opening bids (also called drop bids) using www.ForeclosureRadar.com. You can see the opening bid in the list view or you can search for properties that have an opening bid by placing a 1 for 1 dollar in the opening bid area of the search bar. Keep in mind that the lender can lower their opening bid but typically the opening bid is their actual starting bid. There is no legal requirement for a lender to post their opening bid in advance of the sale so there may be no opening bid announced until the auction begins.
You will always want to do a lien search at the county recorders office to verify the lien position. You can also purchase a preliminary title report from a local title company.

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