So, a home I saw recently is apparently selling; in a rather non-traditional way. If someone could please explain why someone would sell their house this way, I'd like to know. The houses in our neighborhood generally sell in a matter of days, if not hours. Plus, the starting price is way (
way) below what it would sell for if they sold it the traditional way.
You can dial the toll-free number to hear information about the property and the "rules for bidding which are...interesting. One of the strangest is that you cannot bid on the house if you don't attend the open house on Saturday or Sunday. You have to make an offer at the open house and then, on Sunday night, they start "round-robin bidding". This is where they call the people who made bids (the first person to make a bid Saturday or Sunday gets the first call) and tell them what the current highest bid is and allow them to up it. All the people are called this way until they have a "highest bid" due to everyone else backing out. So, it's basically a telephone auction. Am I missing something, or is this just plain weird?
You can dial the toll-free number to hear information about the property and the "rules for bidding which are...interesting. One of the strangest is that you cannot bid on the house if you don't attend the open house on Saturday or Sunday. You have to make an offer at the open house and then, on Sunday night, they start "round-robin bidding". This is where they call the people who made bids (the first person to make a bid Saturday or Sunday gets the first call) and tell them what the current highest bid is and allow them to up it. All the people are called this way until they have a "highest bid" due to everyone else backing out. So, it's basically a telephone auction. Am I missing something, or is this just plain weird?
6 comments:
Um yeah, very strange. I wonder how this will work out for them...maybe we'll try it in a few years.
I saw the sign yesterday and wondered what was going on. Good for you for calling.
i think on saw something like this on Dateline NBC or 20/20. Maybe they will end up getting market value from a bidding war. Why this way instead of traditionally, who knows!
That is probably what they still owe or up to the amount that they can cover? I guess if you just have to get out of it, that's what you do? Still, strange, but I'm sure more than just you are talking about it. That's good.
How strange. I'd like to know how that worked out for them. Well, I guess that really goes to show that its a buyers market.
sounds like a forclosure or something doesn't it?
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