I have to say, you're pretty much a bitter old fart.
I might say that you probably should get your facts straight about the auction at the heights before you start gloating about people losing 50%.
If you actually made an inquiry into the auction process at the Heights like me and a few buddies did, you would quickly realize that this is probably more or less an gimmick than a real auction.
First, this auction is open ended. What this means is that even if you were the only bidder on a property and the final bid was at $199k (highly unlikely), the seller still doesn't have to sell to you. In fact, if you talked to the Heights or the auction company, you would learn quickly that there is a minimum reserve bid on each unit, that if not met, won't be sold. Obviously, no one is willing to say what the reserve price is.
Second, each auction requires 5% auction fee, on top of the final price. that price, you the buyer has to pay.
Third, as any other auction, there will be no loan contingency…
So, like I said, if you are truely curious about what the final prices will be, go prequal and attend the auction. I'm bringing along a few friends and relatives just to see what the final prices settle at.
