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Are these bids for real?

By John Bailo   2012 Nov 28, 1:53pm   708 views   3 comments   watch (0)   quote      

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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1   Entitlemented   199/199 = 100% civil   2012 Nov 28, 2:39pm  ↑ like   ↓ dislike   quote    

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.

2   taxee     2012 Nov 28, 9:53pm  ↑ like   ↓ dislike   quote    

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.

3   taxee     2012 Nov 28, 9:55pm  ↑ like   ↓ dislike   quote    

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

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