A house for auction in Palmyra - opening bid $1,000

[Three Wolves In Snow]

Originally Posted by WhoFanMe

This is the best comment I've seen on these auction threads. I attended one in Westbrook last spring, when the auctioneer got the last bid ($88,000) he went out to make a call and came back with the bank's bid of $168,000. Two weeks later the condo was listed on MLS at $172,500. After 258 days, it's still listed for $167,000.

The auction process is part of the lender's due diligence in selling the property, but they won't sell it there at a loss.

So then it's kind of pointless to bid? You'll end up paying what you would have paid anyway through a realtor is what it sounds like.

[Submariner]

Originally Posted by GatorMama

So then it's kind of pointless to bid? You'll end up paying what you would have paid anyway through a realtor is what it sounds like.

Unless you are close to the transaction and know what is going on behind the scene, you have no way of knowing.

Following these auctions, sometimes the house goes for real cheap; and sometimes they don't.

[beltrams]

If the outstanding mortgage is small, I suppose the bank might not bid the sale all that high and then you might get a deal. Maybe.

[WhoFanMe]

Originally Posted by GatorMama

So then it's kind of pointless to bid? You'll end up paying what you would have paid anyway through a realtor is what it sounds like.

I don't know if I'd say pointless, but the more you know about the property (outstanding mortgages, condition, etc. the better off you'll be. Be very careful about the "systems" you see on late night TV,generally the only people getting rich are the hosts.

[PAhippo]

and maybe the bank would be willing to take some loss and let it go for less than they'd bid if there's a serious reasonable buyer. It'd save them the hassle of another house to get rid of. Most banks don't want to be in the real estate market; it's just turning out that way.

Wondering if all real estate auctions up there are foreclosures? In this area, people are so fed up with the local real estate companies, it's becoming more common to sell by auction. The auctioneer gets less commission, there's a reasonable minimum bid, and the house is usually sold in one day, as opposed to being on the market for an open-ended time.

[dmyankee]

Around here, the auction business has been all bank foreclosures. For the most part, they do not want to sell at a loss despite what you hear about them not wanting to be in the real estate business.

We had a one day auction here in the 90's. It included a lakefront restaurant with a cabin cruiser, a lumber yard, complete with office and out buildings, a marina in East Cove and a couple of camps and other real estate thrown in. If I remember right, a $1 million dollar bill would have bought most all of it!

An antique mansion with a golf course and indoor pool was scheduled and pulled at the last minute. In that case, less than a $2 million bill would have bought everything.

[ribbets]

Didn't Know this place was up for auction, but I dare say that it is worth a lot more than $1,000.. Estes Ave. runs from Pittsfield to Hartland , I'd call it Route 152 and it's just pass the junction of #2 and #152 going north Ell Hill, almost accross from Rowell's Auto Sales. It did have an Inground pool at one time.I can see it from the back yard up on the hill.