upset price higher than FMV
Hi. I am trying to figure out what happens when a property is listed for sale at a foreclosure auction, but the listed upset price is higher than FMV of the property.
No one is going to bid above the upset price, so the bank will have to take it back I guess. Do I reach out to the attorney for the bank and say "I'm interested in this property at $xxx" if you want to take it off the sheriff's sale... ? How does this all work?
So far I've bought two short sales that were on the market, and I'm doing OK with them, but not great... trying to figure out how people get in earlier other than bidding at auction (I have young kids and just can't get there)...
Any advice for this relative newbie much appreciated!
Courtney