I'm new here, but have done a ton of reading through the forums, and have learned a lot. I am looking at bidding on a foreclosure on Homesearch.com, and have done my due diligence, based off of the many incredibly helpful and detailed posts here, and have a set price point as my max bid.
I'm wondering if anyone has found a rhyme or reason to what amount the reserve price for homes are set at? (I know that if I don't meet the reserve they may still offer it to me, but I'm curious about how high the reserve might be.) The home I am looking at has a starting bid of $281, 500, and county records show that Freddie Mac took ownership a little over a year ago for $476,607. Based off of that info, any guess from you more experienced folks what the reserve price might be?