There's an auction coming up here on the 7th and I'm researching some different properties to bid on.
On some of the notices of trustee's sale it lists a dollar amount in the top left corner, here's an example: http://www.nuecesco.com/Home/ShowDocument?id=21747
What is that amount for? Is it the starting bid or reserve price or maybe the outstanding mortgage balance? I know that neighborhood and have glanced at that property, I would say it's worth slightly less than that.
Also, if I'm planning on using a hard money loan to acquire a property from this auction, is there some sort of proof of funds I can get from the lender that will satisfy their requirement? It says cash/cashiers check only. This will be my first auction and I'm unsure of how the process works.
Thanks for your time.
@Anthony Alexander Your link didn't work for me but it doesn't make a difference. Call ans ask the site what the number means. Foreclosure auctions are often at prices more than the property is worth. That is how banks wind up with the property, no one else bids so the bank keeps the property.
It is not reasonable to expect to buy auction properties with financing. You won't have enough time to get traditional financing and may not have access to the property for hard money lenders to do an inspection or appraisal.