Scott

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Real Estate Auction "Scams", are they going on in other markets besides Las Vegas?

Asked Tue Jan 15 2008, 01:39 by The Goad Team… - All locations - Foreclosure - 6 answers

Scott answered:

I don't think it's a scam at all. Even when you sell something on ebay there is a reserve price set. The owner of the home should have the right to refuse a bid if it is too low. We are selling our house using this method. If the auctions high bid is only half of what we set as a low reserve why should we be forced to sell? I don't see it as a scam in any way shape or form. It's an auction with a reserve , the reserve price is not public.......if the buyer meets the reserve price pre set then there is no discussion, if the reserve price is not met, then we will be notified of the highest bid and be able to consider our options. We want to sell our house but do not NEED to sell our house. We are not going to let someone just STEAL it. If there was no reserve and the auction ends and the highest bidder bids one dollar, should the owner have to sell it for that price? Be realistic. - Tue Jun 10 2008, 12:59

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