Very enlightening.
First, it struck me there were only three of us there, besides the auctioneer and the bank rep. Maybe it was the weather. It's hot and humid today. And everybody knew everybody else. They knew I was a newbie, and asked me as much, and I owned up to it. No shame in that.
Second, and of course I don't know if this is common or not, but nobody bid anything. All three auctions started with opening bids from the bank that I thought were high, and so did the other two guys. One house had a deposit requirement of $25,000. I've learned that you usually multiply by 10 to get an estimate of the amount owed on the mortgage. That would mean they want to get about $250K for the house. Sounded like there might be a real deal there, since the house sold less than three years ago for $907K.
I had looked up the current mortgage, and I could be wrong, but I only found one mortgage, for $531K, dated December, 2005. So after 2 and a half years, the outstanding balance might be in the $500K range. But the opening bid was $995K! One bidder left in a huff when he heard that number!
Finally, I was amused at how lassaiz-fair everyone was about the whole thing. People are losing their homes, and these guys are yucking it up...craziness...
Cass
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