Re: Auction.com Trustee Sales - Legit?
In Reply to: Re: Auction.com Trustee Sales - Legit? posted by GJ on July 01, 2011 at 11:02 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
I've been following this post as I'm interested in this as well. Which auctions did you guys attend? San Diego?
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