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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!
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4 Comments on Auctions - What OUR LOCAL NEWS is Reporting
Susan, banks are playing it cute here in Santa Clara County, too. Similar gimmick with $1,000 starting bids but only 2 out of 60 or so actually "sold" to top bidders. The last laugh is on banks who are chasing the market down and discouraging buyers from participating in future auctions. I posted earlier today about local agents who have stopped showing short sales because banks simply string them along with extension after extension. Who told banks they could sell real estate?
Frank
Industry: Are Lenders Dragging Their Heels On Short Sales?
The auctions have been good to the mortgage brokers that they hook up with. Think about it. Hundreds of willing buyers starving for a great deal just prequalify with our preferred lender and bid away on your next great home or investment. Really its like ebay, rookies get sucked into the bidding war and either bid to high and could have actually received a better deal working with a professional agent or they win the bid and think they got a steal and then the fine print gets them where it hurts, the wallet. Charging 5%-10% auction fees and other fees that could have been negotiated had they been working with an agent. Auctions like short sales can produce good deals its just that they are few and far between. The best bet is to find a Professional Realtor that can filter out the bad show you good and help make buying a home an experience worth repeating.
Steve
Frank - better question who on a bank staff has ANY real estate knowledge? or how about ... Who wants banks to sell Real Estate?
Steve - ABSOLUTELY! Get a professional REALTOR to help you navigate the real estate market.
Christina - yes buyers need to hear this... but are they listening?