Updated over 8 years ago on . Most recent reply
overbidding on properties at auction.com
I was interested in a property that I saw on auction.com. I went and viewed it and thought it might be worth a go. The opening bid was $17, 500. By my estimate it would need at least 20K+. The auction began Friday and ended today. To my surprise this house sold for a about $63k. The previous value was estimated at $83k. I'm in Dallas and I've been noticing housing being snatched up quickly. Personally, I thought the house was overbid. 3b 2ba 900sf in a C neighborhood. I'm new to investing and estimating but has anyone bid on properties from this site. Do people get bid fever and go overboard? Or is my inexperience have my jaws dropping at what people are willing to pay in this current market?
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Not just on auction sites, but in many areas, lots of properties get overbid, including the MLS. Especially in the price point you mentioned, just about everybody can compete. The competition, while still fierce, is a bit less as you get up into higher price points that leave the lower end investors out.