Discounts
Submitted by brent on Fri, 08/22/2008 - 8:07am.
Sean -
you talk about banks or lenders discounting properties before the auction happens so that investors will bid and take the property off their hands, right? i have not been seeing this happen in Tulare county, CA. Do i have to show up to the auction to see this happen or can i call someone before hand. any help would be great, because there are a couple of homes coming up that i would be very interested in if there was a 25% discount that you say is not uncommon.
thanks, Brent
Comments:
Most lenders do not post the discount much before the sale. If you take a look at the opening bids in the sale results after the auction (scroll down to bank owned) I think you will find a lot of the properties are getting discounted at the time of sale.
Unfortunately it is very difficult to figure out which properties to research since they don't post this information ahead of time.
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