Not sure if you guys know who is behind these auctions, but it is one of the most corrupt auction firms in the business as far as I am concerned. They are the same auction company that sends out mass fliers every few months and holds land auctions to sell parcels, many parcels that are not buildable or accessible. I went to one of these auctions about 5 years ago and someone who had been doing business with them showed me a few secrets to the air bids they are so gifted at throwing out.
At one point they were picking up lots at tax auctions for $500 and selling the lots for $20K+. That sounds a bit unethical if you ask me (In the sense that most of these people had no clue what they were buying).
Hopefully this company has cleaned up their act a bit, but by the looks of their terms and conditions it doesn’t look that way. I would be suprised to see 20% of these condos closing escrow.
I’m no genius, but it doesn’t take one to figure out the simple system of “Price them right and they will sell!!!”
