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I was interested in the N&O article today about yesterdays foreclosed property auction in Raleigh - looks like some amazing bargains but as the article says 'subject to approval' by the banks who own the properties. It will will interesting to read comments from the Realtors on this site as to their opinion on the auction
Bidders find right price on homes - Business - News & Observer (http://www.newsobserver.com/business/story/1342446.html - broken link)
GOING, GOING, GONE (MAYBE)
The winning bids at Sunday's auction were often about half of the one-time asking price or even less. Final sales depended on financing and in some cases required the seller's approval. A few more examples:
I was waiting for some responses too. This the way the housing market is too. It seems there were some very good deals to be had as long as the bank approves them.
Sounds pretty junky if the auctioneer can't tell the bidder if the bank's reserve was met.
Why waste time if it's not "no reserve" and the bidding isn't started at the bank's minimum acceptable bid.
My uncle was an auctioneer and never worked that way.
I agree, the offer being subject to the banks approval makes this less of an auction in my opinion. Saving cash is saving cash, but there is a point where the savings isn't worth the hassle of buying in a non-traditional manner.
not all auctioners are this way, but the vast majority rank right up there with late night infomercials, used car dealers, and fast talking politicians. This article was misleading. These people did not 100% acquire these properties at the said prices, they simply have a "chance" to obtain them at the winning price. In the meantime they still get to pay a buyer's premium. A complete and utter joke in my opinion.
As they say, if it sounds too good to be true........You do not buy a $575,000 home for $250,000. Not even in this market.
The N&O article doesn't mention the 5% Buyers' Premium (http://www.ushomeauction.com/howitworks.php - broken link)on top of the price.
I guess it is moot if the reserve isn't met.
I do not think the auction was highly publicized. I know several people who would have gone and purchased. One house sold for $400,000 that was listed for 1.4 Million last year. What a potential profit!!!
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Half Price Houses in the Triangle
