Hubzu Auction unfair?

[Reh N.]

Hi, so basically last week I was the highest bidder on an auction. Turns out reserve hasn’t been met therefore I wasn’t able to get the house. It’s been posted again for auction and now it’s for the price i won it for. (Ex. $100,000 + fees $10,000) now it’s starting off at $110,000 excluding fees. I understand that the reserve haven’t been met but I’m assuming because of Covid it’d make sense to get rid at a decent price. I read on BP that some people had to go through this 3 times and the price kept going up. Just wondering if anyone else had to go through this? And what was your experience like? I don’t want to bid on it again knowing I’m the only one bidding on this. It’s been 3 weeks now and it seems the bid hasn’t been changed. The price has remained the same.

[Tchaka Owen]

@Reh N. - you had the highest offer, but you didn't win it. And the reserve hasn't been met, regardless of the new auction start price. What's important is that you run your numbers and figure out what the home is worth to you and you stick with it. That means if $100k is your number, then that's your number. Just because they have a higher reserve or want more is irrelevant. Either you will get it at your price, they will sell it at a higher price OR they will hold on to it unsold. Those are the only options. It's important that you trust your numbers and don't get caught up in the frenzy of an auction. Good luck!