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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Savvy competitors routine... Posted by Ward-CA- on March 20, 2004 at 1:03 AM In Reply to: Re: Lender's choice... posted by Martin on March 19, 2004 at 12:17 AM Ward, thanks very much for your answer. : Is there anyway to know what the lenders' minimum bid will be, prior to the auction? ================= Martin, Most lenders seem to be clueless in this area. If they would let us know before the trustee’s sale that they’re going to begin the opening bid a lot lower than what they’re owed a lot more of us would come ready to bid. But without any indication that it’s going to open up lower we don’t even bother showing up for the sale. Some really savvy competitors of mine take advantage of this situation by researching ALL upcoming sales whether they have any real equity or not. Then they attend all sales with their armload of research in hand. If any lender opens up their bidding with a surprise drop bid these smart guys can find that researched deal in less than a minute in their pile of stuff and know if the dropped bid is in their interest range. If it is they bid on it and usually get it cheap since the rest of us don’t know anything about the property since we didn’t research it, given the original high opening bid. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Ward, thanks very much for your answer. : : Is there anyway to know what the lenders' minimum bid will be, prior to the auction? : ================= : Martin, : Most lenders seem to be clueless in this area. If they would let us know before the trustee’s sale that they’re going to begin the opening bid a lot lower than what they’re owed a lot more of us would come ready to bid. But without any indication that it’s going to open up lower we don’t even bother showing up for the sale. : Some really savvy competitors of mine take advantage of this situation by researching ALL upcoming sales whether they have any real equity or not. : Then they attend all sales with their armload of research in hand. If any lender opens up their bidding with a surprise drop bid these smart guys can find that researched deal in less than a minute in their pile of stuff and know if the dropped bid is in their interest range. If it is they bid on it and usually get it cheap since the rest of us don’t know anything about the property since we didn’t research it, given the original high opening bid. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ 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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