We were keeping our eyes on this massive Real Estate Auction held at the Hynes last weekend. One of us attended, and were amused (?) by the proceedings. This Boston Globe article captures it nicely...
To review (see posts below), this is not an auction that a bank would conduct at the property soon after foreclosure. These showy auctions, part business, part entertainment, are designed to move homes that have NOT sold through standard auction, or regular listings through agents like me.
Should you buy a home at an Auction like this?
YES - if you look through the inventory being auctioned, and find a home you WANT. Inpect the home prior to the auction, and accept that there will be a considerable amount of work to be done. The newlywed noted in the article is a good example of this - she bid upon a home that she was familiar with on the street that she grew up on.
NO - if you are simply looking for a bargain. It's telling that the contractors attending the auction left quickly. These professional auctioneers were getting what we consider to be current market value for most of the homes auctioned.
Take a look at the auctioneer's site, as well - very interesting, and I give them much credit for doing a GREAT job at moving these homes.
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