Posted by Ronald * Starr(in No CA) on August 08, 2003 at 11:11:29:
The lender and the trustee add up all amounts owed by the borrower and put that into the bid. Here in CA, if you see the notice of trustee’s sale, it will have a good-faith estimate of the beginning bid. This is required by CA law. The actual opening bid is usually withing a couple of hundred dollars of the published amount.
The types of numbers added to get the bid: principal balance of lown, unpaid interest, late charges, cost of brokers price opinion, ady advances to pay property taxes and senior obligations, trustee’s fees, costs of advertising, costs of registered mail to notify owner, document recording fees. and so on.
Good InvestingRon Starr*