I must start by saying some of these adds on TV are working to draw people to these foreclosure auctions. You must really check these auctions out before you waste a bunch of time. Last week I myself kind of got caught up in one of the auctions that is coming up in California.
The minimum bids suckered me to start checking out some of these homes. Things started to look real good until one of the hosts made the comment to me that! The bank has to approve the final bid. I replied - what in the world am I wasting my time on this for, another sucker was born!
I went back to my office and called the auction and sure enough. Some of these auctions are reserve auctions and the bank has a right to review the price and not sell if they don't want. ( Anyway it's deep in the terms of the auction terms) I sure don't see anything on the TV add's, I don't think a Realtor could advertise this way!
I must say this is a big sales pitch, to get you there and get you caught up in the heat.I have personally been to several auctions over my twenty-five or so years. I sure feel sorry for the people that don't check this out and waste there time and money on going to these ------------------ well, I wouldn't call them auctions.
I believe a true auction is one where you bid and the high bider gets the bid!
Now what do you think?
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Hi Richard,
Hum, I'm not at all surprised at this. I'm down south in SoCal and we've had a few going on in our area including one this coming week-end. I plan on attending myself, mostly to check things out. Although I must say that I have lot's of reservations myself and I'm in the biz. For the lay person, I would think a person could make some costly mistakes on these things.
Hi Richard,
This just goes to show that the old saying is still very true... If something seems too good to be true... it probably is.
I have also been curious about these auctions and would like to attend to learn but don't think I could drag my hubby to one with me on a bet.
Take care, help lots of people and have a wonderful day!
Tisza