Funding Foreclosures
Why would a prospective bidder at a foreclosure auction get qualified but never bid?
I was at the real estate foreclosure auction this week down at my local county court house. The auction facilitator asked for perspective bidders to come forward and be qualified to bid on the next property. Several people came forward, showing their funds to the facilitator therefore becoming qualified. But when bidding actually started, nobody place a bid. The property reverted back to the lender. Why would those people step forward to be qualified but never actually place a bid?
The bid price was announced before they asked for qualified bidders. So everyone who was getting qualified already knew the opening bid.
No one bid? Maybe they were thinking, “Why is no one else bidding? Is something wrong with the property that I missed? Maybe they all know better then me and I had better not bid on that one.”
Just a thought, there is no way to know without asking a few.
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