CRR Blog

Dropped bids

Every foreclosure investor needs to know this!   The opening bids at trustee's sales are dropping like crazy.  One of our subscribers told me that he has purchased 22 properties at the sales in the last 11 months, all on dropped bids. 




For example, a 3 bedroom 2 bath condo on our report, starting bid of 325k was purchased at the sale on a dropped bid of 130k.  Another customer bought a nice 3 bedroom 2 bath single family house in Anaheim, starting bid 425k was purchased at the sale for 238k. 




Another customer bought a 2bedroom condo in Long Beach, starting bid 187k, was purchased at sale for 51k.  




The lenders are desperate for cash and simply cannot afford to take anymore repos back , so they are now dropping their opening bids at far less than they are owed.


This is the best time in years to be a buyer!








 


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