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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] "Specified bids" happen here all the time... Posted by Ward-CA- on April 21, 2009 at 3:36 PM In Reply to: Reducing the opening bid at auction posted by CAE on April 21, 2009 at 2:37 PM In this area, when the auctioneer begins to "cry" the sale, he/she will actually use the words "specified bid" to denote that that particular opening bid is lower than the amount owed the lender. Perhaps Northern CA isn't as impacted by the resetting of option ARMs, etc. as we are in Southern CA and thus lenders aren't under as much foreclosure pressure as we are down here. But before you draw that conclusion attend a few more sales and listen for the term "specified bid". ---Ward ========== : I heard Ward mention that some note holders were lowering the opening bid on the day or near the day of the auction. To perhaps lower than the stated amount on the note. Did I hear this correctly? I have not noticed this in my area of NorCal. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : In this area, when the auctioneer begins to "cry" the sale, he/she will actually use the words "specified bid" to denote that that particular opening bid is lower than the amount owed the lender. : Perhaps Northern CA isn't as impacted by the resetting of option ARMs, etc. as we are in Southern CA and thus lenders aren't under as much foreclosure pressure as we are down here. But before you draw that conclusion attend a few more sales and listen for the term "specified bid". : ---Ward : ========== : : I heard Ward mention that some note holders were lowering the opening bid on the day or near the day of the auction. To perhaps lower than the stated amount on the note. Did I hear this correctly? I have not noticed this in my area of NorCal. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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