I attended my first housing auction today not to bid, just to see what happens. There were 2 houses in temecula I was interested in, both on 1/2 acre, similar houses listing for 350k-400k. There were about 40 people there. One sold for 240k, the other for 249k. The 240k house had listed for 799k in 2006. Wow. However, I was told that basically this auction, even though it didn’t have a reserve, wasn’t binding on the bank although it was binding on the bidder. Basically, the bank could take the highest bid, or leave it, or counter. Seems kinda dumb to attend an auction like that, it’s just a public offer place. Why not just make your offer to the bank prior to the auction, since they can continue taking offers after the auction, you could contact the bank and make an offer of 5k more than the highest bid. Still, I think the crowd was kind of murmuring about how low these pretty nice houses went for. I would’ve taken either one for the highest bid or a bit more…why bother with auctions like this? is it just to get a sense of what people would be willing to pay in a very uncertain market?
[quote=doofrat]Looks like the exuberance isn’t there anymore.[/quote]
Definately not. But…
[quote=scaredycat]Basically, the bank could take the highest bid, or leave it, or counter.[/quote]
It sounds like banks are still holding on to false hope that housing may turn around next year. What basis they have for that is beyond me, but I’m looking forward to when the consensus is housing will never trend upward again. Then I’ll buy.
It sounds like they did sell though, so that’s a good sign.
[quote=doofrat]Looks like the exuberance isn’t there anymore.[/quote]
Definately not. But…
[quote=scaredycat]Basically, the bank could take the highest bid, or leave it, or counter.[/quote]
It sounds like banks are still holding on to false hope that housing may turn around next year. What basis they have for that is beyond me, but I’m looking forward to when the consensus is housing will never trend upward again. Then I’ll buy.
It sounds like they did sell though, so that’s a good sign.
[quote=doofrat]Looks like the exuberance isn’t there anymore.[/quote]
Definately not. But…
[quote=scaredycat]Basically, the bank could take the highest bid, or leave it, or counter.[/quote]
It sounds like banks are still holding on to false hope that housing may turn around next year. What basis they have for that is beyond me, but I’m looking forward to when the consensus is housing will never trend upward again. Then I’ll buy.
It sounds like they did sell though, so that’s a good sign.
[quote=doofrat]Looks like the exuberance isn’t there anymore.[/quote]
Definately not. But…
[quote=scaredycat]Basically, the bank could take the highest bid, or leave it, or counter.[/quote]
It sounds like banks are still holding on to false hope that housing may turn around next year. What basis they have for that is beyond me, but I’m looking forward to when the consensus is housing will never trend upward again. Then I’ll buy.
It sounds like they did sell though, so that’s a good sign.
[quote=doofrat]Looks like the exuberance isn’t there anymore.[/quote]
Definately not. But…
[quote=scaredycat]Basically, the bank could take the highest bid, or leave it, or counter.[/quote]
It sounds like banks are still holding on to false hope that housing may turn around next year. What basis they have for that is beyond me, but I’m looking forward to when the consensus is housing will never trend upward again. Then I’ll buy.
It sounds like they did sell though, so that’s a good sign.
cooprider, I believe he said that they *might* have sold. The bank could still keep shopping, because it wasn’t a real auction with a published reserve.
Josh
cooprider, I believe he said that they *might* have sold. The bank could still keep shopping, because it wasn’t a real auction with a published reserve.
Josh
cooprider, I believe he said that they *might* have sold. The bank could still keep shopping, because it wasn’t a real auction with a published reserve.
Josh
cooprider, I believe he said that they *might* have sold. The bank could still keep shopping, because it wasn’t a real auction with a published reserve.
Josh
.
