I know, I know I've blogged about this before, but I"m really not sure consumers are getting it.
This is what the Local News reported about an auction that happend tonight in Stockton, CA.
Hundreds of homes were sold tonight at an auction held in Stockton. Homes were auctioned off for as low as $95,000......... the banks are so deparate to sell these properties that there is NO OPENING or MINIMUM BID! (Keep that in mind) THEN was the disclaimer, isn't there always a disclaimers when it's "too good to be true?" The disclaimer stated... that although there was no minimum or opening bid if the FINAL BID was too low the bank could and most likely would reject the offer!
Now, think hard about this..... think really, really hard... how is that ANY different than making an offer - ANY OFFER on a home. Either the seller, in this case the bank, will accept or they won't. WOW -- this just does not seem like rocket science to me.
Bottom line, it's a marketing. 100's of people view the home, many show up to bid on the home, but not all the people who win the auction will be able to buy the home, because the bank won't accept the offer.
So the moral of the story - why compete with 100's of people for a home you like. Call a good REALTOR, go see homes, find one you like and make a realistic, if not slightly low offer. Your chances are better that you'll buy the home of your dreams are incredible.