Researching for a foreclosure auction, quick ?s
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.