Has anyone come across silent auctions. I had my first experience with one
this week. Seen an old home for sale. Call listing agent, but would not return my phone calls to see house and get a list of details on it. Called another Realitor I new some time ago and see call the listing agent/broker and he was very reluctant to talk to her. She finally got the info that the house is listed for two weeks on a private auction. Min. bid was $45000.
We gave bids through her on a online service. Each time we bid the computer would go $500. above are bid. We only went to $53000. because of are investment strategy on this home.
My questions to anyone is that why do they have private auctions?
Is the house in a preforclosure time?
Is that Realitor wanting that house for himself or a friend.
What is the advantage of a private auction?
The house is in Michigan. Been on market for a year.
Needs $50000. in repairs, but has tremendous amount of equity after
repairs. Thanks!
There are many different reasons for auctions, but mainly it’s to move a property that hasn’t sold the traditional way. It may or may not have anything to do with going into foreclosure.
Auctions grab attention and even though a house sold at auction will usually sell for less, the idea is to build a frenzy to get as much competition as possible.
Based on your details, it sounds like you were probably bidding against another bidder who had set a “max bid” higher than what you were bidding. That’s why when you entered your bid, the other bidder automatically outbid you by $500.