Ever bid at an auction?

[Jeff B.]

Like most games, you better known the rules.

Whether an REO or Tax sale, you'll find the Terms & Conditions for the sale
and see that they vary significantly.

1. 1) one may require proof of funds to qualify for bidding and a certified check at the CoB the same day.
2. 2) another may be so flexible as to allow 48hrs to produce funds.

At the court house (or wherever it may be held, eg the property itself),
you'll find real people, bidding open and fairly. If you've done your homework,
you may pickup a good buy.

As a professional programmer, I just can't place any trust in ANY online auction system, just like I would rather sit a a poker table than in front a poker slot machine.

I was going to cite some examples, but having raised the question of manipulation should be sufficient to cause a moment of reflection before you dive into the deep end of the pool.

Your experiences?

[Account Closed]

We sell 95% Reserve Auctions.  Even though the seller sets a reserve, often times they will accept a lower bid. I wouldn't avoid auction because they are a Reserve, I've seen some great deal at our reserve auctions.

It is a little scary to promote an Absolute Auction when the seller has a mortgage balance, for instance if the balance is $100,000 and the high bid only goes to $80,000, the seller will have to come to settlement with $20,000. Now if we are sure the market value is $150,000, I might suggest an absolute sales, but we need to know what the seller's needs to walk away with.

If you can do all absolute, you are a very good marketing person. I'd like to take some pages from you book.  Thank you for your comments.

Now there is a hybrid absolute auction; The ad would say "Absolute Auction sale of any bid above X $." This gives the seller a safety net.

Charles Parrish