Although the openning bid does not automatically give you a good chance at getting a good price, it does help eliminate properties from your potential list of properties for purchase. There is a lot of research that I go through with each property just to have the opening bid be too high. It would be nice to only target properties that have a good opening bid. There are enough postponed properties to waste my time already. The bidding is getting out of hand and the margins are getting smaller by the day. Just last month a property that was on my potential buy list had an opening bid of 90K and was bidded up to 170K. That was 10k over what we wanted to pay and would sell for about 220k. Looking back at the sale, the margin seems to be a lot better then what has been selling lately.
I also saw that home in Mira Mesa for 359k. I don’t see how anyone will make money on that property.
