US Home Auction.com

[BuyerWillEPB]

In today’s UT, there were at least 2 near full page ads for a “Lender Foreclosed Public Home Auction” at the San Diego Convention Center on May 12th.

REDC

We should all flock together there as a pigginton group and laugh at the insane bidding prices.

Seriously though, does anyone have any experience with auctions similar to this?

Does anyone think this is a real auction, or will the sellers just refuse to sell when the bidding prices don’t meet the “minimum” required?

My intitial guess is that this auction is a scam marketing scheme. However, I’m thinking about attending this event just to watch and learn. I know this is just the tip of the iceberg. There will surely be many more of these coming in the next couple years.

[Cow_tipping]

Its a scam, soon they realise the people who turn up are serious if the price gets real, and they start lowering it pronto … till they all end up chasing the falling knife … Much like Casey Serin’s 330K larchmont house was not short sold at 225K because the bank must have 240K and 3 months later the bank is trying to squeeze 199K … should’ve taken the 225 … yea happens at auctions.
Cool.
Cow_tipping.

[masayako]

Just like the show “Deal or No Deal” – greedy suckers try to open every single cases and playing against the odds.

I always laugh at the greedy losers who eventually get busted and sent home with a $10 dollar bill. Great joy.

Masayako

[Cow_tipping]

Its costing the auction house money, and they in many cases charge that back to the seller whether it sells or not. Now the idea is that it covers their expenses, and not much else. The sale and that commission is what their profits are. The auction houses can be putting in all the effort free for Idiots who wont listen to common sense … “you cant sell a 5 dollar bill, for 10 dollars no matter how shiny it is”
So the sellers will have to get real or aution houses will stop taking their houses on, or charge more fees.
Cool.
Cow_tipping.

[Anonymous]

Wow, It appears from all your comments that Jimmy Hoffa must have lived in all these houses….Get real!!!!!!!! These are simply REO’s nothing more nothing less. I checked they were listed before and obviously the bank couldn’t or didn’t sell them. These guys have hundreds if not thousands of homes the have to sell to keep there bond’s (Mortgage Backed Securities ) afloat and at least somewhat performing. Here’s the bottom line, go look ast the houses, figure out your maximum price and don’t go over it at the auction. If nothing else I’m sure you’ll have an interesting day and you may get a deal….Typically these banks are motivated and are not emotional sellers.

Good Luck

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