Re: Auction.com Trustee Sales - Legit?
In Reply to: Re: Auction.com Trustee Sales - Legit? posted by Bukzin on July 01, 2011 at 4:58 AM
There is a difference between an REO auction (bank already owns it) and a foreclosure trustee sale. I am not sure about this, but I do not think the bank has a right to 'approve' a winning bid on a trustee sale. Otherwise you would have the exact same problem with the traditional courthouse step auction. So, I think the approval/reserve issue only comes into play for the REO property auctions.
A lot of the professionals were buying properties at the auction.com ballroom trustee sale. But, the calling of the bid amounts were confusing and the auctioneer goes up by $1,000 increments, not the traditional $100 increments at the courthouse steps. I did not see any 'shills' in the audience bidding. It was the regulars
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