first time buyer: REO Silent Auction
- 05/01/11 12:13 AM
Why do some REO (real estate code for bank owned) properties come on the market at a list price that actually seems too low? In my opinion the seller / broker is trying to move the property quickly by creating a silent auction. What is a silent auction? An auction that is conducted by submitting bids in sealed envelopes before the sale. How does this work with real estate? The low list price generates a lot of buyer activity. Potential buyers are watching the Internet sites and getting alerts from their Realtors that a new listing is available. In some cases … (2 comments)
Why do some REO (real estate code for bank owned) properties come on the market at a list price that actually seems too low? In my opinion the seller / broker is trying to move the property quickly by creating a silent auction.
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