You would think the auction company would tell people right off the bat that there is a minimum reserve price so not to waste peoples time. Most likely the bank will put that condo at auction back into the MLS listings at a given price and typically in the notes you will see "subject to 3rd party approval". Which to me is a green light to low ball the asking price which might be up in the 80-100k range as you noted of the previous properties went for and or are listing for. Local or regional banks that are smaller tend to hold onto properties; hoping to recoup lost monies, larger national/federal banks tend to dump when they have so many properties to contend with.
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