We are interested in purchasing a home for ourselves. We WERE estimating the starting bid to be approx $90,000 (after speaking with the homeowner) but, I called countrywide/recontrust today and they told me the starting bid is only going to be $51,625. We want to wait thru the auction and buy it REO for $30,000 CASH. (The home is linked with three mortgages so, it must pass thru auction to clear other mortgages). Now I am scared someone will show up at this auction and bid $51,000. Can you EXPERIENCED people tell me.....how often do these properties sell AT THE AUCTION. I am terrified we will loose our dream home. I have been waiting on this house for almost a year and we have one day left. The auction is tomorrow at 10:30 .... I cannot tell you how important this home is to our family. Please, can anyone give me some advice? Should we try to come up with more $$$ and pay full bid price (home estimated worth will be $135,000 if it has appliances installed, painted, mold is removed, and re-carpeted).
~~~~~~ Praying for our dream house ~~~~~~