Re: Auction.com Trustee Sales - Legit?
In Reply to: Auction.com Trustee Sales - Legit? posted by 427 on June 25, 2011 at 2:59 PM
Went to one of the Auction.com trustee sales last week. Ballroom was packed, although it is kind of nice to have a cushy chair and a clean hotel bathroom right there!
The REDC auctioneers were the exact same bunch (recognized some of the players) who do the REO auctions in tuxedos and everything. In fact there were about 15 staff running around and I could not figure out how they could afford to do it. Sales go much faster because they don't stop after a winning bid, they just dive right into the next property. Also, it is nice to know what order they are going in (in case you need to rush over to the bathroom). They have a xeroxed list with the exact order.
They have a group of staff who sit out in the audience trying to drill up bids. They started getting in the faces of the bidders. Honestly most of the professionals just looked at them like 'go away'. They were not intimidated to raise bids. In general, I felt the properties went higher than they would at the courthouse steps.
The auction calling is exact opposite of courthouse steps. On the steps bidders call out their 'offer' bid, usually going up by 100s towards the end. At these auctions the auctioneers calls out a price that it is being 'offerred' and then he jumps the price from there. He jumps at $5k and $1k, not 100s. I honestly don't think anyone is allowed to yell out 'penny over'. We'll have to wait and see how this evolves. In general, bids are going too high
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