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Updated over 5 years ago on . Most recent reply

User Stats

284
Posts
137
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Pat Jackson
  • Rental Property Investor
  • Reno, NV
137
Votes |
284
Posts

Auction.com houses to HUD houses....What's up?

Pat Jackson
  • Rental Property Investor
  • Reno, NV
Posted

I've seen this happen 3 different times now. A house from auction.com is listed, dissappears, and ~45 days later ends up on hudhomestore.com. The first two houses went through several auction cycles, reserve was never met, and eventually became a HUD house.

There was another property, I was emailed from auction.com about how the bank was really motivated on the property, and I watched the auction.  First week reserve wasn't met.  Second week reserve was way lower, and in the last minutes was met.  I was the final high bidder till the last 30 seconds, got outbid by $1000, didn't want to go any higher,  and that was that.

The house is now on hudhomestores.com.  I know auction.com will bid against you, but will they do so after the reserve is met?  Or did someone win the bid, not close, and whatever reason the property is now on hudhomestore.com?

Does anyone else observe this transition from auction.com to hudhomestore.com?

  • Pat Jackson
  • Most Popular Reply

    User Stats

    11
    Posts
    7
    Votes
    Mike Rice
    • Real Estate Agent
    • Apex, NC
    7
    Votes |
    11
    Posts
    Mike Rice
    • Real Estate Agent
    • Apex, NC
    Replied

    We are a national REO Auction company. Veteran-founded, family-owned. Over 200 auctioneers in the field and a full time staff. Been doing auctions for almost 28 yrs. We don't work with private owners, only banks, servicers and portfolio managers.

    We do NOT bid on behalf of the seller up to the reserve price.  We market and advertise the asset and the market delivers the best results.  No reason to mess with something that clearly works.  

    The auction concept works. No doubt.  But it is slowly being eroded of it’s benefit when the consumer feels like they are being bamboozled.  And I’m not talking about a jelly bean that you thought was going to be tutti-frutti and instead is stinky socks.  Buuuut maybe that’s what RE auctions are turning into be...

    Not cool jelly beans.  Not cool 

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