Court style foreclosure sales : Are there any restrictions on the plaintiff's...

[itsjunglepat]

...maximum bid? They started to do online foreclosure sales in my area and I'm tempted to bid. I noticed that some plaintiffs (banks/mortgage companies) hide their maximum bid and others don't. Is there a percentage limit to what they can bid or can they bid whatever the company will allow?

 

[SteveD]

Whatever they want - the companies holding the foreclosure are trying to protect their investment. By buying a foreclosed property, they can turn around and sell it later and hope to come out ahead as opposed to letting it go lower.