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Re: Auction.com Trustee Sales - Legit?

Posted by Bukzin on July 01, 2011 at 4:58 AM

In Reply to: Re: Auction.com Trustee Sales - Legit? posted by 427 on June 30, 2011 at 12:26 AM

: Thank you for describing what it was like. I was going to go to one of those but figured it was almost certain to be some kind of circus and a waste of time. One of the biggest put offs was you really dont know when your auction is going to be held until you get there. The auctions go from 9AM until 5PM I think. I dont think many of the major pro's are going to want their time wasted like that.
: It would be interesting to see who the properties sold to. Did they sell to the Pro's or some agent for a bank, shill bidder etc. Why in the world they have staff in the audience bidding I dont know. The only purpose that could serve is to somehow mislead a buyer into thinking the property has a higher value than it really does. Not that this wold effect proffesional investors, but I dont think anyone wants to see somebody get ripped off. The buyers are supposed to do their homework but the sellers should have some obligations too. Someone pointed out that the buyers working together to effect auction prices was illegal but it was perfectly ok for the seller's to do this.


The larger problem is the bank/seller must approve the sale.

Even if a bidder is declared 'the winner' the bene often rejects
your high bid and cancels the sale.

Then the property is given to a local REO agent or moved to the next auction date
to start all over.

Your have to kiss a lot of frogs to find a prince!

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