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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 28062
Experience:  JA Mentor
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Is the estimated opening bid the least amount accepted? What

Customer Question

Is the estimated opening bid the least amount accepted?
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Customer: What does estimated opening bid mean
JA: Where is the property located?
Customer: In Alabama
JA: Has any paperwork been filed?
Customer: I haven't filed any
JA: Anything else you want the lawyer to know before I connect you?
Customer: This is my first time buying at a foreclosure auction
Submitted: 2 months ago.
Category: Real Estate Law
Expert:  Lucy, Esq. replied 2 months ago.

Hi,

I'm Lucy, and I'd be happy to answer your questions today.

The estimated open bid amount is what the auctioneer is expected to open the bidding at. The opening bid is frequently the lowest amount of money the bank will accept. It is possible that the estimated opening bid will change before the foreclosure sale - either higher or lower. If you check the estimated opening bid on the day of the sale, chances are that will be the sale price unless there are multiple bidders.

Usually, the estimated opening bid is the amount owed on the property. It's not intended to be an estimate of the value of the property.

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Expert:  Lucy, Esq. replied 2 months ago.

Did you have any other questions about this?

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