@coralbrook
Yes that was 3 years ago the same house. But the covered patio was removed before the buyer backed out and it was not the problem that buyer cannot close, it was the buyer can’t get a loan from the bank. Funny that house was in contract for $360k and now $525k. Things changed.
The house in Westport is not an auction. Did something think it is? There’s an open house this Sunday. I might go, just for kicks and giggles.
I also sent the link to My Wonderful Contractor. Maybe he’s got a spare $500K sitting around, and he’ll give me a finder’s fee. :))
We are watching another house linked by NRE! Still at $251k.
I was inspired to look up my childhood home in New Canaan and see what it is valued at now. While doing so, I looked up the sales history. The sale price when my parents sold it–the first one, since they built it–is seriously off. Like, it sold for 2.5X what Zillow reports. Makes one wonder…
The way that Zillow or any other entity tries to figure out sale price is either a) fed from MLS, b) entered by Real Estate Agent if they had set up a listing on Zillow or c) calculate off county/city transfer tax (excise tax). Since the original sale was probably many years back, they had to try to calculate it off a title company record or the transfer tax. Since transfer tax algorithms can change over time, I bet it calculated with current algorithm and not the algorithm in place the year of the sale.
@VeryHappy … we are following the Cape Cod house posted, which is in a hudzu auaction. It was foreclosed by bank and bank is selling via online auction.
You will see that number go up a lot during the very last hour of the online auction, just like an ebay auction!
Bidding a lot of houses at hudzu, auction.com, xhomes, williams… All of those auctioned homes have a minimum price. It is not ebay bidding. And the final hours looks like this:
After the closing hour, there is a 5-10 minutes wait for some one over bid the than highest bid, if there is one, another 5-10 minutes wait for higher bid. The process goes on and on until the underbidder gives up, at that time, the highest bid prevails. However, it the highest bid is not above minimum bid, the owner/bank/agent/whoever owns the title, will decide whether to take the high bid or it goes back to auction again. I have seen the auction lingers on for hours before the under bidder(s) gave up.
So, unless you have money in the bank and ready to buy, do a lot of investigation and start bidding from the announced final hours, don’t even worry about the posted price even 1 hour prior, it is just advertising.
I have experienced all kinds, I have bought a home below the minimum, I have been refused my high bid which was under the minimum and when it went back to the auction, I was still the high bidder at the same price prior and the bank sold to me. I have won on a home that my bid was over the minimum and after a long thought, backed out of the deal. This cannot be done without penalty from Auction.com but hudzu did allow me to do that.
Hey cb, we just drove by the day care house and the sign says it’s in escrow.
Yes, I researched the ownership and the owner was in big trouble with bankruptcies and pending foreclosure. In combing through the paperwork, I noticed he promised the bankruptcy judge that he would have it sold in 90 days. So, I called the listing agent and she said they were in ‘negotiations’ with someone but encouraged me to come view it. The day care tenant moved out July 1st (and by sheer coincidence, rented a house from someone I know that is moving to Oregon to retire)
The very next day it went into escrow, so I never bothered to follow up for a showing.
Dumb question but do they put on for sale sign “in escrow”? Here they just put “Sold” or sometimes, “sale pending.”
In this situation the For Sale sign did say “In Escrow”. I don’t usually see that.
Hopefully the day care moved further away (it was almost behind our house - crying babies and screaming kids).
Interesting. Never see that used where I live.
Around here, they don’t call it “in escrow” at that stage of the transaction, and no one uses escrow companies, because you are required by law to use a lawyer to close the transaction. Deposits and down payments are just held by the listing agent’s brokerage.
So you might see “Under agreement” or “Sold” but that’s about it. And most agents don’t bother with those.
Pretty much the same here, including lawyer to close. Most times you only know house is sold is when “For Sale” sign is taken down.
Where my sister lived in downstate NY signs weren’t even allowed at all for the longest time. Just in the last few years they have allowed them, but most people still choose not to have one put up. “They” think it’s tacky.
Signs are often an indicator that the house is vacant, which can lead to all kinds of problems.
That is/was not the reason in her town.
Here, a “sale pending” sign is used until all contingencies except financing are met. After that, realtors put “sold” sign until the co that does RE signage here comes and takes away the post/sign thing.
The town of La Jolla in San Diego doesn’t allow For Sale signs because they are tacky.
Only about 10% of the for sale signs in Point Loma ever get the “in escrow” added to the signs. Some agents want to keep their signs up so they can continue to get phone calls to catch buyers looking for a home. Sometimes I’ll buy a property and have to take down the sign myself because the listing agent doesn’t come get it down. Some agents will put up Sold when a property goes into contract.
The auction in Falmouth was at $340K when I stopped watching because it went so far past the original end time. Guess I’ll have to watch for it to close to see what the final price was.
The last $20K was the same two bidders going back and forth.
Unfortunately the web site doesn’t show the winning bid, or I can’t find it anyway. Lots of activity, something like 15 different bidders. Artloversplus had it right, nothing much happened until about 30 minutes before it was supposed to end, then over the next two hours there were 50+ bids.
nre
Don’t understand where are you getting the $340k from. But if you have an account on hubzu, you can place a “backup offer” on the 114 Portside Cir. house at $338K, with a total due(include commission) of $353,509. So the bidding must be below $338K and the high bid could be at ~335Kish.
Auction.com will not allow you to place a “backup offer”.