DIYbanter - View Single Post - Are "Real Estate Auctions" just a clever marketing technique?

Ignoramus15919

On 2011-05-04, wrote:
On May 4, 9:04?am, Ignoramus15919

I am now wondering if, perhaps, the whole "real estate auction"
concept, as practiced by this auction company, is just a clever "new
age marketing technique"?

It could be the auction company or it could be the bank. I usually
give the benefit of the doubt in cases like this. So my guess is that
they expected to get higher bids. And decided to not have a published
reserve but to have it so the bank could refuse if the price was too
low.

The bid was a good deal. The money they want, is not a good deal.

If you know which bank owns the house, you might take the time to talk
to them. In a couple of months they might decide they really do need
to sell the house and contact you with a realistic price.

It is some kind of a weird entity, porobably a holdover of the bubble,
it was called "special purpose vehicle" and its name ends in "III".

I am going to just give up on it.

i