A quick update on the final sales price of the auction home at 4309 Deer Valley Way in Oceanside, California's River Ranch Community:
This had a sales price of $463,000 and $10,000 was credited to the buyer with closing date October 29, 2007. So with $453,000 going to the seller and $20,000 in upgrades, and $30,000 for buying and selling costs, the seller probably lost a couple thousand dollars, and they got off easy! Since they paid cash, they only had to cover property taxes, insurance, HOA, and utilities during their time of ownership and they were able to sell it quickly.
Had their $435,000 investment money($415,000 purchase price plus $20,000 in upgrades and buyer's closing costs) been sitting in a Washington Mutual savings account or similar earning 5%, they could have made at least $3,000 in interest without any risk instead of losing that money. I guess some folks just like to gamble...
The real estate agent was the only one that did well on this deal since she represented both the buyer and the seller.
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