A. The opening bid in court must exceed the initial bid on the property and it follows this formula:
- The amoung of the original bid, plus
- At least 10 percent of the first $10,000 of the original bid; plus
- At least 5 percent of the amount of the original bid in excess of $10,000
OR
- It's 5% plus $500 of the original bid (this way is MUCH easier to remember)
The minimum overbid after the initial overbid will be set by the court at the time of the confirmation hearing. This is very simliar to an auction and the property gets sold to the highest bidder in court.
