Quote:
Originally Posted by fatlazyless
...the bank was the Scituate S & L...., and the auctioneer just breezed right through the auction procedure quickly.....reading from a written text and recording the entire verbal proceding as he and the qualified bidders went through the transaction...
The auctioneer speaks for about five minutes or less, introducing the auction and with regard that the sale is in "as is condition....and to be aware of any outstanding, unknown liens which are your responsibilty." Auctioneer makes a point of informing the room that collusion between bidders is illegal, and that any collusion will be prosecuted by the auction house to the full extent of the law.
Proceeding ahead, the auctioneer starts off by asking anyone want to bid 100k......80k.......60k....40k....20k....bidders looking around at one another.....and he got a starter bid at 20k.....in one minute or less....it goes up to 45k....and no one counters...so 45k is the high bid....and as I already mentioned...he then announces that the bank has a reserve minimum bid in at $87,500.
Could be the real estate broker, she was there to try to buy it low, or else get it as a listing, herself.
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Earlier this year we went to several auctions. We stopped going tho when we found out this was the way they all were going. It's a waste of time.
We have also found out that when you see a bank owned property listed at a reasonable price for today's market, it's just another game they are playing. When you go to look at it, you find out they are accepting multiple bids. A silent auction sort of plan. We refuse to play that game too.
I can't imagine why the banks are interested in holding onto these properties.