While there is no school like the old school, there is always more than one way to do things. The last few years have witnessed a change in the dynamics of the Trustees' Sales that has left folks practicing the old method of chasing drop bids feeling a liitle burnt out. Frankly, there are more players today, especially with the Hedge Funds and other New Players sending bidders to auction with a minset to buy even at market price in anticipation of increasing values in the months to come. While this does seem to be a problem for those of you who are chasing drop bids, only to be chased out by the higher bidders at the Sale, it is not a disabling factor if you alter your methods accordingly.
First of all, only one of ten drop bids is known the day of the sale. These same properties are also subject to postponements. In addition, the HomeOwner's Bill of Rights has caused a Host of Cancellations on properties that are still actively in Foreclosure. That is because a lender cannot keep the Notice of Sale active if they are considering a work-out or a Short Sale. In addition, a number of cancellations have come about as reactions to Bankruptcy Filings that are taking longer to resolve than they once did. Add to that the fact that these newer Players are adopting the old strategy of chasing drop bids and the whole thing can be overwhelming.
Don't let it be. Master the new environment. Learn to set traps instead of hunting. Make educated guesses as to where the lender SHOULD set their opening bids. Make your max bid amount slightly higher so IF YOU GUESS RIGHT YOU WIN. Do this with as many properties as possible 5 days a week. Use our Bidding Service if you can't get to the auction every day. You will discover that we have invented a machine for you that promises results. But don't take our word for it. Apply this strategy for one month and see what happens. You will be a believer.