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Updated about 9 years ago on . Most recent reply

Rose Davis's profile image
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Rose Davis
  • from Davenport, Iowa
  • Member since Jan 25, 2016
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Rose Davis's profile image
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Rose Davis
  • from Davenport, Iowa
  • Member since Jan 25, 2016
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Rose Davis
  • Davenport, IA
6
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78
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Buying & Selling Real Estate

Value based bid

Rose Davis
  • Davenport, IA
Posted
I was looking at a property thats estimated value was 87000 but the asking price is $15000 for an auction. Does this mean that the auction is starting at $15000? I dont exactly know what value based bid is
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Brent Coombs
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  • from Cleveland, Ohio
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Brent Coombs
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Brent Coombs
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Brent Coombs
  • Investor
  • Cleveland, OH
Replied

@Rose Davis, without worrying about the answer to that question, ask yourself instead: what is the property worth to YOU? Why not treat it like any other auction: Keep bidding, from whatever their starting price is, but stop IMMEDIATELY it goes over your predetermined Maximum Offer?

With any luck, the bidding will stop BEFORE your maximum. Voila!

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