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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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whats the deal with auctions
How do these work?
click me
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Posted 8/7/06 4:28 PM  |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: whats the deal with auctions
good question. THey arent "real" auctions where someone stands at a podium and you yell out bids.
Ive seen a few that had auctions and the date to get in bids was 7/4 - and they are still on the market (the seller didnt get their "undisclosed reserve"  )
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| Posted 8/7/06 4:46 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: whats the deal with auctions
BUMP because I would really like to know what this is all about.
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| Posted 8/8/06 2:51 PM |
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kam29
LIF Infant
Member since 3/06 297 total posts
Name:
Kelly
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Re: whats the deal with auctions
We were just looking at a house that should no buyers come forward before, the place will be auctioned off in September. How it was explained to me is that it's an estate auction- that the current homeowners have passed away or in a nursing home, w/no family to assist in the selling process. The bank auctions it b/c it wants to sell the home as quickly as possilbe.
I think...
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| Posted 8/8/06 2:56 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: whats the deal with auctions
Posted by kam29
We were just looking at a house that should no buyers come forward before, the place will be auctioned off in September. How it was explained to me is that it's an estate auction- that the current homeowners have passed away or in a nursing home, w/no family to assist in the selling process. The bank auctions it b/c it wants to sell the home as quickly as possilbe.
I think...
I undertand that kind of auction, but this listing is talking about the seller not having to accept any offers under the undisclosed reserve $... that doesn't sound like an estate auction to me. It sounds like the seller is looking for a bidding war to me.
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| Posted 8/8/06 3:45 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: whats the deal with auctions
I think the undisclosed reserve is like ebay. The seller has a price they won't go below and they're not going to advertise it. All auction's are bidding wars - that's the point of half of them.
Half are to garner interest in a home that hasn't previously shown any...the other half is a mixture of homes looking for the last resort b4 forecosure and perhaps just someone looking for a quick sale.
Does the listing show the name of the auction house? We looked into one house that was up for auction - it was the last resort type...researched the auction house, met the auctioneer and was able to walk through the house a few times. In the end we decided against even bidding - we didn't love the ouse enough for the stipulations. $10k to walk into the auction, 10% within 36 hours, 10% to the auction house. So in order to avoid PMI and a piggyback, we would have needed 30%.
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| Posted 8/8/06 4:12 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: whats the deal with auctions
Posted by Colleen9304
Does the listing show the name of the auction house? We looked into one house that was up for auction - it was the last resort type...researched the auction house, met the auctioneer and was able to walk through the house a few times. In the end we decided against even bidding - we didn't love the ouse enough for the stipulations. $10k to walk into the auction, 10% within 36 hours, 10% to the auction house. So in order to avoid PMI and a piggyback, we would have needed 30%.
No, this is what it says
All Offers Must Be Submitted In Writing To Listing Broker By 4Pm-8/13/06. Open Bidding Sold To Highest Bidder. Seller Not Obligated To Accept Any Offer Less Than Undisclosed Reserve! On-Site Mortgage Pre-Quals.
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| Posted 8/8/06 4:27 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: whats the deal with auctions
They're just looking to get a bidding war - it doesn't sound like an actual auction.
Are you going to check it out?
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| Posted 8/8/06 4:32 PM |
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