If you’re getting ready to do a foreclosure search in Monsoon, there are some things you’ll need to know about opening bids.
The Opening Bid is the minimum amount that can be offered for the property when the auction begins. Since it’s common for there to be multiple bidders, that figure usually increases throughout the duration of the auction.
Arizona State Legislature requires the Opening Bid to be set no later than 9:00 a.m. the day prior to auction, but it’s often set sooner than that. If the Opening Bid is not set by then, the auction will be postponed.
Prior to the Opening Bid being set, it will display as $0 in the Auction Information. Be aware that if you enter any minimum amount other than $0 into the Opening Bid $ field, your results will be limited to auctions that already have Opening Bid amounts set. This could cause auctions that are further off in the future to be excluded.
Sometimes the Opening Bid changes the day of the auction and might not be reflected online. To be certain, contact the Trustee for the sale which is found in the Foreclosure Information section of the Monsoon report.
Something else about foreclosures you might find interesting is the difference between Notice Date vs Auction Date.
Michele has been in the real estate industry since 2012, specializing in content creation and Realtor education. When not busy at work, she enjoys hiking, spending time with her two sons and long Sunday brunches.