Help with foreclosure auctions: Can someone explain to me what the judgement amount means?

I'm looking at a sheriff's auction site and am not sure what the judgment amount means. Is that the starting bid for the auction? If not, what is the starting bid, and how does one find out?

Looking at the first listing, the judgement amount is $64k, which is the unpaid balance if I am not mistaken. Does that necessarily mean the minimum bid starts at the price where the bank needs to recoup its money?

I'm really confused; I'm completely new to this and I've googled left and right but couldn't find a definitive answer on how the auction process works.

Thanks in advance

More real estate tips at Program Realty Wix site


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s