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Buying at an auction is a risky proposition. You have minimal opportunity to inspect the property, all sales are cash (at least to the bank, financing can be set up at a premium fee and rate with a large down payment though some HardMoney lenders), you get no seller disclosure and there is always the possibility of overpaying. Auctions are better for the seller than the buyer in many cases.... more
Wow, this has been an interesting conversation to follow. Just looked it up (it's now December 2010) and it appears the property finally sold in June 2009 for $595K. According to zillow, it's last listing price change was in April of 2009 for the same $595K. I personally think the owner was very lucky to get even that much! I think if it were on the market today, it might be listed at 400 or 450K. It seems like home prices are still dropping. Of course, take my opinion with a huge grain of salt, I'm just another random person out there looking to buy...... more