Real Estate Law
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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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