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Author Topic: How about an auction?  (Read 1305 times)

Offline Lodger

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How about an auction?
« on: October 27, 2005, 12:38:26 pm »
Hey folks,

First timer here, so be gentle...... :redface:

Does anyone ever buy and flip (after appropriate cleanup and such, whatever is necessary) through their own auction?

This, to me, seems fairly smooth from the outside looking in on a house that might not need alot of work. One closes on the property, cleans it up, posts an ad in the paper that says it can be viewed on a Sunday from noon to 4 and the auction takes place at 4 pm.

So, if you find a house worth $80k and get it for $50k, put $8k into it (actual deal I'm looking at now) and then hold the auction with a minimum bid of say $75k (comps are $80k-$95k).

What am I missing here?

Thanks!

Lodger

 




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