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Home › Forums › Closed Forums › Buying and Selling RE › Auction.com Short Sale Process – Trend?
They’ve been doing this on the East Coast for a while now. Actually, some decent deals to be had. Even if reserve isn’t met, they sometimes sell.
Time only gets extended if there’s a last-minute bid, same as a physical auction. They don’t extend just because reserve isn’t met.
While I have long advocated using an auction site for short sales (and bank-owned foreclosures), it’s not right to ask agents to find a buyer first, before listing on the auction site. I also have a major problem with the 5% fee. It’s enough to have to pay the regular agents’ commissions, but to add the 5% fee on top of that? Sickening.
In the ones I’ve seen, they were *not* allowed to accept a regular offer before the property was auctioned. I don’t see ANY problem with the 5% fee. It’s very clearly stated up front on the web site, and buyers can adjust their max bids accordingly.
Figure out what the property is worth to you, divide by 1.05, bid up to that amount and no more. If you’re overbid, move on, there will be others. The only people getting screwed are the banks, but I’d rather see money in the hands of an auction company than more money in the hands of banksters.
[quote=spdrun]In the ones I’ve seen, they were *not* allowed to accept a regular offer before the property was auctioned. I don’t see ANY problem with the 5% fee. It’s very clearly stated up front on the web site, and buyers can adjust their max bids accordingly.
Figure out what the property is worth to you, divide by 1.05, bid up to that amount and no more. If you’re overbid, move on, there will be others. The only people getting screwed are the banks, but I’d rather see money in the hands of an auction company than more money in the hands of banksters.[/quote]
Since we’ve been backstopping the banks, I’d like to see taxpayers (and savers!) get a break on this, too. Not that the banks would ever pass the benefits on to their customers or taxpayers, though. 🙁