Hey all! Looking for some of your experiences with Homesearch.com and being the highest bidder with the reserve not met. Here is where we are at:
The house went to the MLS and the Homesearch website two weeks before the auction date. On the MLS it is listed at $920K (foreclosed on at county auction for $988K). Original starting bid was $540K then dropped to $400K two days before the auction. Before the auction they were soliciting offers and we put in two offers significantly over the starting bids. Both declined.
When the auction opened nothing happened for days. Then the current bid price jumped from $400k to $540K. I believe this was driven by the site versus a person since the bid increments where supposedly $50K chuncks. Then it went to around the low $600's. I bid in the last 10 minutes of the auction. The increments had dropped to $25K and I bid two back to back. Then the increments dropped to $7500 and "someone" placed a bid. I matched it. Now there are 8 minutes left on the clock, only one bid placed against me, the clock runs out and I am the high bidder.
This is on a Thursday. On Monday they call and ask if this is my best offer. I raise it by $4K. It is now Friday (4 days after "the call") and we have heard nothing back. The other homes in the same auction and the same area that did not met reserve are now back in auction cycle. They technically have another 7 days to make a response.
So, what do you think my odds are that they might accept this high bid? It is about $185K lower than the price they have it out on the MLS for.
I assume by your post that the house you were bidding on is not back on the site for another auction? From my experience that is a good sign, the houses that don't have high bidders go right back on with an auction two weeks away. My experience was almost exactly like yours but it only took them 3 days to email me the contract. I never heard back from the rep I gave my highest offer to on the phone, the contract just showed up in my email inbox a few days later. Maybe they are taking the day off for good Friday and you will get it Monday. Keep us updated on what happens.
William - thanks for your thoughts. You are correct that the property has not been relisted for auctioning. We still haven't heard back from their call a week ago. They do state that when a reserve is not met they have 15 days from auction day to respond. Technically, that would be this Friday. Hopefully, we will hear sooner than that!
@Adrienne W. did you ever hear back from homesearch? In a similar position at the moment.
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