Real estate auctions

[backhoeboogie]

Some friends went to real estate auctions yesterday. They would bid and eventually took one, only to find the bank in the back room saying "We can't take that, but we are willing to take X" They refused to pay and it was auctioned again.

It seems several people experienced this. Don't seem right. Don't seem like an auction - unless they PO right there in front of everyone. Of course, if the sellers would have been doing that, everyone would have left.

 

[Jogeephus]

If it was advertised ABSOLUTE, then this isn't right. I don't care for auctions for several reasons and this is one of them. Another is the POS auctioneer likes to pay politics and will sometimes get on the phone and call this rich fella and ask him if he wants to meet the price. Doesn't seem right that us common people have to stand around all day and this rich fart gets to wait on a phone call. I've also seen some of these things rigged pretty bad - both ways. My neighbor stumbled on one equipment sale that no one seemed to know about. Thirty thousand dollar tractors were going for six. Still don't understand what was going on but I sure wish I had been there.

 

[1982vett]

I went to some in the '90s, but those auctions had an advertized minimum price.

 

[larryshoat]

I was at an auction last week where 158 acres brought $675,000 after an hour of bidding .The seller rufused the bid .

Larry

 

[Jogeephus]

I was at an auction last week where 158 acres brought $675,000 after an hour of bidding .The seller rufused the bid .

Larry

I've seen people do this just to find out what the market value of their land is for division purposes. Complete waste of a lot of people's time. Don't know how the auctioneer fairs in a deal like this.

What I like to see is the seller end up buying their own stuff. That's hilarious to me. My wife's cousin is bad about this. Last year he ended up buying his own peanut picker and the year before he bought a load of his own cows. :lol2: For some reason, he just can't get ahead in this world. :dunce:

 

[1982vett]

I know some used equipment dealers that do that. They will take a piece to an auction and someone is always available to bid the price to what they want for it. If it brings what they want they quit bidding. If they catch it they add the cost of trying to sell it and take it to another. Sooner or later someone will buy it or it gets sent south.

 

[Alice]

Some friends went to real estate auctions yesterday. They would bid and eventually took one, only to find the bank in the back room saying "We can't take that, but we are willing to take X" They refused to pay and it was auctioned again.

It seems several people experienced this. Don't seem right. Don't seem like an auction - unless they PO right there in front of everyone. Of course, if the sellers would have been doing that, everyone would have left.

Nope, that ain't right. But then, the bailout wasn't either. Guess you have to read the fine print. And who the heck has the time and patience to do that. By the time you've read and shown the fine print to an attorney, the blasted auction is over. I hate politicians...and the idiots that lobby them.

Alice

 

[TexasBred]

Some friends went to real estate auctions yesterday. They would bid and eventually took one, only to find the bank in the back room saying "We can't take that, but we are willing to take X" They refused to pay and it was auctioned again.

It seems several people experienced this. Don't seem right. Don't seem like an auction - unless they PO right there in front of everyone. Of course, if the sellers would have been doing that, everyone would have left.

Boogie...these were properties that had already been foreclosed??? Ordinarily the bank owning the property gets the lst bid and bids what it takes to "clear his books" plus attorney fees. Unless Texas law has changed the bank cannot raise anyone else's bid and any money the property brings "over and above" what is owed the bank actually goes to the sorry sob that was forclosed on. Wish I could have been there.

 

[1982vett]

Some friends went to real estate auctions yesterday. They would bid and eventually took one, only to find the bank in the back room saying "We can't take that, but we are willing to take X" They refused to pay and it was auctioned again.

It seems several people experienced this. Don't seem right. Don't seem like an auction - unless they PO right there in front of everyone. Of course, if the sellers would have been doing that, everyone would have left.

I don't understand, what is the point of auctioning again since the high bid at the auction didn't meet their expectations. Sounds like something is not right with the action.

 

[backhoeboogie]

Some friends went to real estate auctions yesterday. They would bid and eventually took one, only to find the bank in the back room saying "We can't take that, but we are willing to take X" They refused to pay and it was auctioned again.

It seems several people experienced this. Don't seem right. Don't seem like an auction - unless they PO right there in front of everyone. Of course, if the sellers would have been doing that, everyone would have left.

I don't understand, what is the point of auctioning again since the high bid at the auction didn't meet their expectations. Sounds like something is not right with the action.

It does not sound like an auction was held at all.

The people were pretty upset about it. They thought they had bought a house only to find out the bank wanted more than what their winning bid was. They had taken the time to look at the homes on the list beforehand. They had decided on six homes they were willing to bid on, came in from out of town and spent two nights in a hotel for the whole process. They were high bidder on two homes but went home empty handed.

 

[TexasBred]

Some friends went to real estate auctions yesterday. They would bid and eventually took one, only to find the bank in the back room saying "We can't take that, but we are willing to take X" They refused to pay and it was auctioned again.

It seems several people experienced this. Don't seem right. Don't seem like an auction - unless they PO right there in front of everyone. Of course, if the sellers would have been doing that, everyone would have left.

I don't understand, what is the point of auctioning again since the high bid at the auction didn't meet their expectations. Sounds like something is not right with the action.

It does not sound like an auction was held at all.

The people were pretty upset about it. They thought they had bought a house only to find out the bank wanted more than what their winning bid was. They had taken the time to look at the homes on the list beforehand. They had decided on six homes they were willing to bid on, came in from out of town and spent two nights in a hotel for the whole process. They were high bidder on two homes but went home empty handed.

Doesn't speak well for the bank. THEY are wanting to make a profit rather than move the property. Let'em sit on it til it falls in. But...all my years in the business never heard of a bank starting the bid at anything less than what it took for them to break even and NEVER could they raise anyone's bid....they can refuse to finance for the new buyer but sure didnt' know they could declare it a "no sale". Even if there was a "minimum bid", the bank always gets the lst bid and it should be the minimum bid. Maybe the law changed.

 

[backhoeboogie]

I agree TB. And it wasn't a matter of finance for these people. They were going to pay.

This "auction" sounds illegal to me. Worse than bait and switch.

 

[TexasBred]

I agree TB. And it wasn't a matter of finance for these people. They were going to pay.

This "auction" sounds illegal to me. Worse than bait and switch.

Boogie, I agree with you 100%....if the folks want this house I think a smart attorney would be well worth his fee.

 

[1982vett]

Sound like a lousy marketing attempt by someone using a bank as a front.