repo auction (its over)

[BillP]

Re: repo auction (its over)

Originally posted by One More Cast:<br /> OK guys , I just got back from the auction and the bidders just went nuts, It started at $500 and went up so fast I never even got a bid in. Sold for, get this.....$8500

Here's one of the reasons you see really high bids at auctions...the bank (or whoever) may hold a note on the boat with a payoff near retail book value. If they sell it for way less they eat $$$. On absolute auctions they cannot reserve prices and bid to keep the item. They still pay commission but it ends up being less than selling for low bucks. They will sell another way to reclaim a higher sales price. It happens in realestate foreclosures all the time with people who own 2nd & 3rd mortgages. Same principle.

 

[neumanns]

Re: repo auction (its over)

OOuch...Keep trying though. There is a great satisfaction from finding those deals that are just to good to pass even though you wern't looking for the item...Like that bedroom set!<br /><br />I must admit there are many things around my place that have been owned for several years and are still worth more than I gave for them. It's like money in the bank as far as I'm concerned.