Updated over 10 years ago on . Most recent reply
Bidding process
I am about to enter into an auction for a property that was originally listed on the MLS. Before I secured my financing (which took about 7 days), the bank placed the property in auction. I am alittle upset that I have to go this route but I am emotionally invested at this point so I am going for it. This will be my 2nd online auction. I lost the first one because I refused to pay a dime over my limit. I am somewhat skeptical because I too, feel that there is a ghost bidder. My question.....Is the bank looking for what it was originally listed for on the MLS or more? I was willing to offer full price.
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#1 Foreclosures Contributor
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
Which online site? Most auction sites list their properties first on the MLS, not because you can make an offer and buy them then, but to simply market the property and drive buyers to the auction. Many times the MLS price is a low ball meaningless price.