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The upset price was set at 75 percent of the appraised value.
The site may be auctioned again at a lower upset price.
There is no upset price, though all bids can be rejected if they are too low.
"The trick is figuring out the upset price," he said.
The winning bid for the land was $6,125,000, well above the $4.5 million upset price.
This is also known as an 'upset price,' probably because we will be upset if we have to sell at it.
It has an upset price of $101,000.
One more thing, gentlemen: we are not going to waste time in little bids; the upset price will be thirty ounces."
The upset price was $6 per acre.
No minimum or upset price has been set for the items, he said, adding that he expected lot prices to range from "extremely affordable" to six figures.
Thirty-three apartments will be sold absolute, with no reserve or upset price, but the bank will have the right to refuse bids on the remaining 44.
"It would not be a good idea to upset price stability in the pursuit of dollar devaluation," Wayne Angell, a Fed governor, said.
One is a vacant parcel of 76,500 square feet in a commercial section of Stapleton, on Staten Island, with an upset price of $885,000.
Among other houses the county will be auctioning next week is a five-year-old, three-bedroom, one-bath Cape Cod in Mastic Beach with an upset price of $48,000.
"Lenders may have what they call an 'upset price,' " he said - the amount of money, generally somewhat less than the outstanding mortgage balance, that the lender would be willing to accept.
One of these houses (No.9) was in fact put on the market in 1991, for an upset price of £90,000, and was valued at £100,000 - considerably less than £106,000.
The staple commodity of Ceylon being coffee, I will assume that a purchase is concluded with the government for one thousand acres of land, at the upset price of twenty shillings per acre.
Although the output reductions are a worry in themselves, they do at least suggest that the industry is not about to start laying down a large supply of surplus whisky that could upset prices in the future.
(3) A sale by auction may be notified to be subject to a reserve or upset price, and a right to bid may also be reserved expressly by or on behalf of the seller.
Upset prices are as much as 35 percent lower than appraisals, so that bidders have the opportunity to get a good buy, though bids occasionally go higher than the appraised value, Mr. Grecco said.
The upset price of government land is twenty shillings per acre; thus, the inexperienced purchaser is very apt to be led away by the apparently low sum per acre into a purchase of great extent.
Both agencies, which hold about four or five autions a year, publish booklets that includes such information as a list and discription of available properties, auction procedures, minimum upset prices and the property inspection dates.
The Straw Lane Cape Cod, which has an upset price of $72,000 (the minimum bid the county will accept), is one of 24 dwellings on the block that are judged in good enough shape to be "habitable."
Successful bidders for the 24 habitable houses, which have upset prices as low as $20,000 - for a two-bedroom condominium in Ridge - must pledge that they or their immediate families will occupy the dwelling for at least five years.
Ms. Peraino's clients, the Daileys, who bought their three-bedroom ranch in Bohemia at a county auction held in May 1998, paid $105,000 for the property, which went on the auction block with a $77,000 upset price.