Posted by Tim (Atlanta) on September 30, 1999 at 09:00:14:
There was a time when bargains were the norms at these types of auctions. That time is over. If the auction company advertises the auction well, there will be too many bidders there to get a good deal.
The last auction I went to there were 300 bidders in the room. Do you think you could get a bargain there ?? Absolutely not. I had looked at several properties on the auction list, and all that I saw went for 10% over FMV. NOT a bargain if you ask me. The one property that I was interested in was worth maybe 20k, it went for 36k.
Could be different in your area.