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whats the deal with auctions

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SweetTooth
I'm a tired mommy!

Member since 12/05

20105 total posts

Name:
Lauren

whats the deal with auctions

How do these work?
click me

Posted 8/7/06 4:28 PM
 
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MegZee
My bunny

Member since 5/06

8777 total posts

Name:
Meaghan

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" Chat Icon )

Posted 8/7/06 4:46 PM
 

SweetTooth
I'm a tired mommy!

Member since 12/05

20105 total posts

Name:
Lauren

Re: whats the deal with auctions

BUMP because I would really like to know what this is all about.

Posted 8/8/06 2:51 PM
 

kam29
LIF Infant

Member since 3/06

297 total posts

Name:
Kelly

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...

Posted 8/8/06 2:56 PM
 

SweetTooth
I'm a tired mommy!

Member since 12/05

20105 total posts

Name:
Lauren

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.

Posted 8/8/06 3:45 PM
 

~Colleen~
my loves...

Member since 5/05

9129 total posts

Name:
guess

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%.

Posted 8/8/06 4:12 PM
 

SweetTooth
I'm a tired mommy!

Member since 12/05

20105 total posts

Name:
Lauren

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.

Posted 8/8/06 4:27 PM
 

~Colleen~
my loves...

Member since 5/05

9129 total posts

Name:
guess

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?

Posted 8/8/06 4:32 PM
 
 

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