Foreclosure Auction Question
I was at a Foreclosure auction and a property I was interested in started at $100 had a incremental bid of $101 and then the high bid was $442,000. All this was pretty much between the auctioneer and another auctioneer that was there. I asked what happened and was told that the Beneficiary was interested in the property and the other person working the auction put in the high bid? Because the starting bid was at $100 that that meant the beneficiary was interested in it. It did not seem that anyone really had a chance at bidding. This was my first auction, so I was a little confused
as to what happened.
Thanks,
Randy