Auction News · Negotiating Stories · Real Estate Information

June 15th, 2018 – What a Difference a Day Makes OR online Auction, Part 2

Last week I told you about a very stressful property auction experience during which my buyer bid-bid-bid-bid- bid-bid-bid ——- and then bid again – only to drop out at the very end of the auction. He almost-but-not-quite ‘got the bid’, as they say. We started getting ready to look at other properties a couple of days ago.

Then midday yesterday, I received an unexpected email from auction.com explaining that the top bidder had not completed the bid process and did not sign the agreement of sale and worse than that, did not provide the earnest money deposit.

That was auction.com’s  bad news. It was our good news!

The moral of the story is to never give up. On any given day, in any given week or month…..what you think just happened might not really be what you think you saw. In other words, in the “Wonderful World of Real Estate” things can change so quickly it can sometimes make your head spin. The frustration of losing the bid last week, quickly melted away.

Long story short, my buyer has agreed to honor his last bid on the property, which was the 2nd highest. Auction.com gave my client 24 hours to decide if he wanted to come back to the table and buy the house. Seeing what the process is after the auction has been pretty interesting. When I received their next message it contained a fill-in-the-blank prep sheet so that auction.com can prepare the agreement of sale. I was impressed with the ease of this task. The technology being utilized is top-notch. (As of this writing, the contract hasn’t been received yet. We are expecting it within 12-24 hours.) I’ll keep you posted, just in case any of you have an interest in learning about bidding online with auction.com.

I hope the rest of the transaction goes as smoothly as the contract preparation.
I’ll keep you posted. We’re not looking for or hoping for any additional surprises.
Predictable and boring would be good, for now.

“Auctions create greater price discovery and liquidity, resulting in a very meaningful final auction price.”  ~Tyler Winklevoss

 

 

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