My neighbor house is selling for half of what I paid for mine. Good or bad?!

[Fabiano Santos]

Hi guys,

I live in a condo (townhouse) and I just called the number on the sign attached on one of my neighbors that just left (i didn't really knew them). For my surprise the agent that answer my call told me the property was for sale and open for bids (i don't really know how it works). He also mentioned that I had 60 hours left to put a bid and the actual highest bid was $79K. It is less than half what I paid for my townhouse (8 years ago right before the crash).

It is in a great location and the rental is going for approx. $1k. (+ HOA $120)

Is this a good opportunity? And if not how this could affect the price of my property (just recently going up and up).

Any comment is more than welcome.

Thank you.

[Wayne Brooks]

Usually the real bidding doesn't start until an hour or so left in the bid period.  The current bid price at this point doesn't mean much, and you have no idea what the undisclosed reserve is.