How is upset price set for auction???
I have been going to foreclosure auctions for some time now - even thought I would still consider myself a rookie, but how does the bank come up with their upset price? I got to auctions in Queens, Brooklyn, Bronx - New York not sure if it works differently or the same in other parts of the country. But for example on the list of sales the lien will be $525k, when the bank goes up to auction the house they will say 'Now we will be auctioning XYZ property banks upset price is $315k Bank bids $500" Then some other times there will be a property and it will say on the list, lien is $450k for example, and when the bank goes to auction property they will say - upset price is $600k
When you call the attorney representing the bank before the auction to see if the property is on or off (still going to be auctioned or not) and if you ask them "can you tell me what the upset price is?" They say "we dont give out that information" - why not?
Would appreciate some feedback.