The Heights auction, hahahahaha

[Alex_angel]

I usually don’t like to laugh at people’s losses but this one takes the cake. I remember going by the sales office about 3 years ago when the market was still screaming hot. These were condo conversions, err apartments that the owner revamped by adding laminate hardwood and stainless steel appliances. The three bedroom was in the high $600’s and the kicker is that your garage is not guaranteed. You can own a condo and have a garage across the community. The sad thing was they emptied out half of the units for sale and left the other half renting and once they sold the first half of apts, they were going to evict the others and sell thiers. Well fast forward a few years and they are currently renting most and now have announced an auction for 32 units starting from $199k. Oh my god! How would you feel if you dropped more than 1/2 million $$$$ on an apartment to find out people around you are renting for less than your mortgage and now the units are being sold with a 50% haircut. From the first time I went I knew it was a suckers deal but there were tons of people lining up to buy. Sorry to say the joke is now on them.

[Coronita]

Alex,

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. 

—– Sour grapes for everyone!

[Coronita]

Alex,

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. 

—– Sour grapes for everyone!

[Coronita]

Alex,

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. 

—– Sour grapes for everyone!

[Coronita]

Alex,

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. 

—– Sour grapes for everyone!

[Coronita]

Alex,

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. 

—– Sour grapes for everyone!

[Author]

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