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Viewing 11 posts - 1 through 11 (of 11 total)
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  • January 5, 2009 at 9:57 PM #14758
    HLS
    Participant

    I have heard some real horror stories, and buyers forced to use auctioneer’s “preferred” lender.

    Have also heard of high bids being rejected by seller a week after the sale.

    I had a recent call from an auction buyer who bought 10 months ago for $400K,,, Value today is around $360K,, This was no bargain 10 months ago…

    What is the attraction at an auction ? They aren’t giving away houses from what I hear.

    People get caught up, and overpay.

    Anybody have or hear of any positive experiences at an auction? I’ve never heard one.

    January 5, 2009 at 10:25 PM #324601
    Coronita
    Participant

    The REDC auctions, based on what I have heard from friends that attended have plenty of shills upbidding the homes.

    And friend of mine noted he was able to purchase a condo in Carmel Valley (The Heights) directly from the seller well below what some of the auctions closed at… weeks after the auction, when there were inventory left. Go figure.

    There’s plenty of fine print in the auctions.
    Just a couple come to mind.

    1)Even if you have the winning bid, seller not obligated to sell to you.

    2)You often “win” the bid even though you weren’t the highest bidder. (in case the highest bidder was the shill)

    3)Virtually no contingencies, including loan i believe.

    4)Huge fees to the auction house you pay.

    January 5, 2009 at 10:25 PM #324939
    Coronita
    Participant

    The REDC auctions, based on what I have heard from friends that attended have plenty of shills upbidding the homes.

    And friend of mine noted he was able to purchase a condo in Carmel Valley (The Heights) directly from the seller well below what some of the auctions closed at… weeks after the auction, when there were inventory left. Go figure.

    There’s plenty of fine print in the auctions.
    Just a couple come to mind.

    1)Even if you have the winning bid, seller not obligated to sell to you.

    2)You often “win” the bid even though you weren’t the highest bidder. (in case the highest bidder was the shill)

    3)Virtually no contingencies, including loan i believe.

    4)Huge fees to the auction house you pay.

    January 5, 2009 at 10:25 PM #325009
    Coronita
    Participant

    The REDC auctions, based on what I have heard from friends that attended have plenty of shills upbidding the homes.

    And friend of mine noted he was able to purchase a condo in Carmel Valley (The Heights) directly from the seller well below what some of the auctions closed at… weeks after the auction, when there were inventory left. Go figure.

    There’s plenty of fine print in the auctions.
    Just a couple come to mind.

    1)Even if you have the winning bid, seller not obligated to sell to you.

    2)You often “win” the bid even though you weren’t the highest bidder. (in case the highest bidder was the shill)

    3)Virtually no contingencies, including loan i believe.

    4)Huge fees to the auction house you pay.

    January 5, 2009 at 10:25 PM #325024
    Coronita
    Participant

    The REDC auctions, based on what I have heard from friends that attended have plenty of shills upbidding the homes.

    And friend of mine noted he was able to purchase a condo in Carmel Valley (The Heights) directly from the seller well below what some of the auctions closed at… weeks after the auction, when there were inventory left. Go figure.

    There’s plenty of fine print in the auctions.
    Just a couple come to mind.

    1)Even if you have the winning bid, seller not obligated to sell to you.

    2)You often “win” the bid even though you weren’t the highest bidder. (in case the highest bidder was the shill)

    3)Virtually no contingencies, including loan i believe.

    4)Huge fees to the auction house you pay.

    January 5, 2009 at 10:25 PM #325105
    Coronita
    Participant

    The REDC auctions, based on what I have heard from friends that attended have plenty of shills upbidding the homes.

    And friend of mine noted he was able to purchase a condo in Carmel Valley (The Heights) directly from the seller well below what some of the auctions closed at… weeks after the auction, when there were inventory left. Go figure.

    There’s plenty of fine print in the auctions.
    Just a couple come to mind.

    1)Even if you have the winning bid, seller not obligated to sell to you.

    2)You often “win” the bid even though you weren’t the highest bidder. (in case the highest bidder was the shill)

    3)Virtually no contingencies, including loan i believe.

    4)Huge fees to the auction house you pay.

    January 6, 2009 at 9:08 AM #324776
    sdduuuude
    Participant

    I imagine they would be awesome if I was the only bidder in the room. Until then, stay away.

    January 6, 2009 at 9:08 AM #325111
    sdduuuude
    Participant

    I imagine they would be awesome if I was the only bidder in the room. Until then, stay away.

    January 6, 2009 at 9:08 AM #325181
    sdduuuude
    Participant

    I imagine they would be awesome if I was the only bidder in the room. Until then, stay away.

    January 6, 2009 at 9:08 AM #325198
    sdduuuude
    Participant

    I imagine they would be awesome if I was the only bidder in the room. Until then, stay away.

    January 6, 2009 at 9:08 AM #325280
    sdduuuude
    Participant

    I imagine they would be awesome if I was the only bidder in the room. Until then, stay away.

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