Originally Posted by plainpat
I've been seeing houses for sale, adv on line or in the newspaper.It gives basic info,along with a few pics.
Then a few days later it says have your best bid in by 5pm today.You don't see that property again,so have no idea what it sold for.This just something new to us,never saw property sold in that way.
They are not re pos...or at least,not mentioned in the adv.Does anyone know what this is called? Want to find out for a friends DS who will be looking to buy 1st house in the Spring.
Pat, those are auctions. Possibly homes that have been for sale with no serious offers; then the owners simply tell the agent or an auction co. to advertise for the highest bid. When your friends get ready to look around, it is important to get an experienced Realtor as their buyer's agent to help them through the current maze of buying and selling in this economy. The Realtor will give them accurate information on sale prices and what to pay, and a buyer's agent represents the buyer only.