Bidding on a Home search auction
Hello,
I'm interested in a duplex that is listed on the Home Search auction site. It's been listed before for auction and is now listed to auction again between 11/11 and 11/14.
I contacted a realtor when I originally found this property on zillow and trulia and she showed it to me yesterday. It had been listed at 52k but now, as of yesterday, the starting bid is 30k. I'm confused about the bidding process. When I mentioned the 30k to her she said that that just means someone placed a bid for that. And that I could only bid once. Her thoughts were that I should offer the 52k. My question is does this mean bidding is occurring before the auction starts on 11/11? And, if I can only bid once wouldn't it be in my best interest to wait until just before the auction closes on the 14th to see how it plays out? She didn't seem tremendously knowledgable about this.
Also, as an FYI this place has been vacant for at least two years.
Thanks for any assistance!!
Lynn
Most Popular Reply
@Lynn MaherI am not familiar with auction sites but I would only offer what you think it is worth. If the numbers do not work @ 52K (probably do not since nobody else bought it at 52K) then only bid what you can make work. Do not forget to see if there are additional fees associated with the auction such as a buyers premium or closing costs and fees.
I also have never heard of only being allowed to bid once, it sounds like it defeats the purpose of an auction.
Sorry I can not be more help.
Good luck