Yesterday I wrote about the auction I went to with an associate in the office.
I have an interesting update to that story. I was getting ready to go home yesterday and I made my last few calls before wrapping up the day. One call was to an agent in Sarasota (a neighboring town to the north) she told me that she was thinking about putting a few properties up for auction and wanted my opinion on that. I told her about my experience earlier today. Then I hung up the phone with her and headed home.
Later on that evening I got a call from the same agent in Sarasota that I had spoken with earlier. She said, "you're not going to believe this but I just got a call from a friend of mine (another agent) and she was talking to someone this afternoon that bought that house that you went to at the auction." I figured the costs would be around $300,000 for the house but they actually got it for $280,000. The person that bought it was calling around trying to flip it for $300,000.
I thought it was kind of interesting how I happened to get a phone call about an auction that I attended earlier in the day. What a small world!
So now I'm wondering what happens if they can't flip it? Will the house go back to the original owner? They did take a back up bidder so I suppose it would go to them. Hopefully, they'll find someone to buy it and everything will work out fine. They did get it for about $120,000 under market.