A “Dutch Auction” is where the auctioneer starts the bid at a high price and slowly lowers the price a set amount, say $10,000, every 10 seconds or so. The FIRST person to bid wins. Apparently this method is used in the flower market.

From what I’ve read hear it appears the Bressi Ranch auctioneers did both a Dutch auction and then tried to conduct a regular auction with that first highest bid as the opening bid – very odd! And then they plan on ‘negotiating’ with the highest bidder? Good grief! I’m sure the auctioneers are licensed so the $10k earnest money checks are safe. Any chance they’ll try to strong-arm someone into paying too much with the threat that they hold the bidders earnest money indefinately?

I’m a Realtor trying to get some lenders to approve some short sales, and, I must confess, the more stories of severe financial pain I have for these sorry lenders, the more likely the buyers short sale prices will be accepted. Thanks for your help, all!