If you are looking to be the top bidder at the online auction site GoHoming.com, this may interest you. When a foreclosed home is initially listed, it usually has an online auction period where bidding ends at a specific time, with some extensions of time for last minute bidding, and the high bidder wins. If reserve is not met, or buyer backs out for some other reason, the home is relisted at Gohoming.com and bids are accepted again.
A couple days ago, I bid on a property and got confirmation that we were the high bidder at $231,000. The next day, the seller accepted the buyer who bid $230,000. My buyer was using a conventional loan and not asking for any closing cost credit, so maybe they went with a cash buyer? I guess we'll know once it closes, but other buyers should beware that top bidder(in the non-auction period) of GoHoming does not necesarily win the home.
This same home first sold during the auction period with a bid of $242,000 and buyer having to pay 5% buyer's premium. Bidding during the non-auction period after that first buyer dropped out meant we did not have to pay a 5% premium. So keep your eyes open, this home came back open for bidding and sold again all before the MLS had been updated to go from Pending back to Active.
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