Remember That Real Estate Auction in March?
Posted on April 3rd, 2008 by Jonathan Dalton
This nugget comes from a reliable source and can be filed under “if it looks too good to be true, it probably is.”
Remember that big real estate auction here in the Phoenix area last month? Remember all the severe discounts off list price and market value to be had as banks cleared out a couple of hundred REO properties all at once?
A friend of mine spoke with a group of investors who went to the auction and bought nine homes. Gavel came down and the homes were sold …
… until the following Monday when the banks came back, said the final prices were too low and every one of those nine offers were rejected.
A perfect score - nine auctions won, zero homes purchased.
Looking for a deal? Skip the gimmicks and look for true value, along with someone who can help you find it.
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JD, I don’t know if you watch the cable flip shows and the one with Richard and Ginger from Charleston but Richard hosted a big auction here in a downtown auditiorium with seating for thousands and just *13* people attended and they didn’t sell one house. Now Richard can spin just about anything and he thought he picked up a few listings and potential buyers for his efforts
Sometimes you just have to do real estate the old fashioned way and avoid the gimmicks.
[…] Dalton wrote a post yesterday about the big real estate auction last month which illustrates this point […]
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