Appreciate an explanation of REO auction
I am curious how this works. I live in a new condo and I'm retired and happy here but there is a condo in another building that was foreclosed by the bank at a courthouse auction which I went to see again out of curiosity. The bank had a real estate company listing it for sale. Of course the price just kept dwindling and now I've heard it is up for auction. I don't want to buy it but I am just curious about a couple of things.
It says no minimum opening bid but there is a selling price. How does that work, does the first bid have to top the current listing price?
Is there a date that the auction is actually held or how does the winner get declared?
If there is an ending date to the auction, how could I find out when that is?
Is it a public auction if bids are supposed to be input at bid com on the web or is everything just private?
I would appreciate any input. I have time now to just look and learn and I find it interesting after recently having no problem selling my home and learning a little about real estate. Very little, that is.
I thank you !!