I am not usually a big fan of auctions but, I understand the rationale. Advertise like crazy, create excitement and then sell everything while the frenzy has people thinking competitively vs intelligently.
I am normally the one doing the foot work. I am there to hold the house open for the week prior and answering all the same questions over and over and over as throngs of people parade through.
This time I was not holding the homes open, this time a friend's client called because he wanted to go.
I've been to a ton of auctions; IRS, RTC, DEA. They all have their quirks and quirky people that attend.
There were probably 2000+ people at this auction in Dallas. Just like the typical auction, the vast majority of people came with pennies in their pocket hoping for a steal on that perfect home. Then there were the serious investors, the ones that had seen 10+ properties and had maximum bids determined on all of them. Thirdly, there were the folks that had one specific property in mind and if they could buy it at a deal, they were ready. And finally, there were the lookie-loos, they were just wondering what all the fuss was about.
There were some deals that went a little high for me but there were plenty that went well below. My favorite home was one beautiful house by Preston Center that was worth $600-$650K that went for $250K! WOW!
I should have brought more money!
Coulda Woulda Shoulda! Now I'm sounding like my clients :-)
PS If you want info on future auctions just shoot me an email - 'cause I'll be there!
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