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Are these bids for real?


By John Bailo   Follow   Wed, 28 Nov 2012, 1:53pm PST   446 views   3 comments
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Somehow I found this site, http://www.auction.com

The site appears to be an e-Bay for houses, where you can enter bids on short sales.

The thing is the Reserve Price, or the lowest bid the seller says they would accept, is phenomenally low...and on many of these houses...there are no bids at all!

Does this mean that these prices could be the true free market value..sans all the the chicanery?

Example:

http://www.auction.com/Washington/residential-auction-asset/1391595-3119-1754-NE-90TH-ST-SEATTLE-WA-98115-O602

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Entitlemented   Wed, 28 Nov 2012, 2:39pm PST   Share   Quote   Permalink   Like   Dislike     Comment 1

Actually I went to an Auction.com auction in SB today. All Auctions were postponed. This due in part to AB278.

The banks are there, they can buy the bid, and then go to short sale, as the market picks back up.

taxee   Wed, 28 Nov 2012, 9:53pm PST   Share   Quote   Permalink   Like   Dislike     Comment 2

You can google 'auction.com opinion'. Buyer be ware. My sense of things in the repo market is that unless you have 'connections' and a team of legal beagles you will get screwed. Probably by design. Google 'mers' and hold on to your wallet.

taxee   Wed, 28 Nov 2012, 9:55pm PST   Share   Quote   Permalink   Like   Dislike     Comment 3

The 'right' people can have all the property they want. The average Joe not so much.

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