From Marketplace. “At the Riverside Convention Center an hour outside of Los Angeles, about a thousand people with brochures and paddles sit in folding chairs as the bidding starts. On a big screen is a picture of a two-story house with a market value of $420,000″
“Two minutes later…House Auctioneer: Last call for 300,000, 290 now 3. Anyone else at $300,000? And I haaaaaaaaave sold that $290,000 subject to confirmation.”
“Savvy bargain-hunters can get quite a deal. At this auction, Regina Lane had the winning bid on a three-bedroom house near Palm Springs. It was valued at $399,000. She got it for 260,000.”
“Regina Lane: ‘It’s exciting. I just can’t wait to get into it, because I haven’t seen it. That’s the scary part.’”
