Williams & Williams Auction Rejects High Bid Again

[Steve Dussault]

I just bid for and won my third Williams and Williams house auction. The latest one was last month for 3159 Sarah Ann in Lafayette IN. The sellers rejected my winning bid all three times. The first two homes were owned by Fannie Mae and the third was owned by a relocation company.

Williams & Williams used to brag about how 90-95% of their sellers accepted the high bids even though they have the right to refuse it. I see that they have removed this from their sales literature. Good thing because in my experience it is a joke.

Williams and Williams are a bunch of clowns whose sellers will reject the high bid. I will not be wasting my time in the future bidding at any Williams & Williams auctions.

Any other investors have any luck in getting their winning bids accepted at a Williams & Williams auction?

[Don Konipol]

If there is a reserve price then this not really an auction, it is an invitation to negotiate. I've been on both sides of both real auctions (absolute) and so called reserve auctions. If you want to bid on a property with a reserve price why waste time going to the auction. Just put in a pre emptive bid with the seller. The purpose of an auction is to have the market (bidders) set the price. If the seller sets the price (reserve) then what are the bidders bidding on? Only the right to further negotiate with the seller! Looked at from this perspective, how foolish is it to waste time at a reserve "auction"? Also be careful with auctions where most properties have reserve prices but there are some being sold absolute. In my experience the auctioneer has a friend or associate bid the minimum real reserve price. Most auctions are not what they seem.