What goes up may not come down! As in this case!

What goes up may not come down! As in this case!

A beautiful, custom-built 3,000 square foot home was scheduled for auction in several weeks, the starting bid set at $25,000.00. The interior boasted granite countertops, gas fireplaces, city-scape kitchen cabinetry, jetted tub and ceramic tile.

Now that being noted, I received a phone call from an interested party asking, "Do you think the bank will accept $25K if the bid goes no higher than that?" My answer was simply "No". I was then asked my opinion on how much it would sell for. I replied, be prepared to "GO HIGH!" because once the price starts going up, it will not come back down. Plus most banks require cash up front and a quick close.

• Typically when you see this type of advertisement, it is used to gain the attention of many potential buyers looking for a screaming deal.
• What ends up happening is the price gets pushed up, up up, by multiple bidders in a frenzy to gain possession.
• And what started out to be an unbelievable price is now closer to market value. The bank may be satisfied with the outcome or simply decline all offers if the price is not high enough.

A bank auction is not for a meek, mild individual. It requires buying power and an experienced professional who is both market savvy and competent while representing a client's best interests. In my opinion, hiring an experienced REALTOR® is a smart move in the right direction.

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