By John Bailo follow 2012 Nov 28, 1:53pm 708 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?
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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.
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.
The 'right' people can have all the property they want. The average Joe not so much.