Seller (Bank) won auction
Hi everyone,
Just went through my first online real estate auction and have no understanding about what happened at the end.
I know the property well enough to be comfortable with the bid I left. Towards the end of the auction at around 7 seconds remaining, there was a seller counterbid multiple times with the minimum bid being lowered each time. Assuming it was being done to extend the timer and peak interest. Reserve had not been met. I was the only bidder.
After the auction ended, the page reset and will be auctioned again next week.
Is this all just going through the motions as part of a foreclosure process, or is there another reason for this? I can't imagine the bank wants to hold this property, or that anyone else is willing to take a gamble for much higher then I am willing to go with all the unknowns attached to the home.
Any info is great, Thanks!