Why would a backup bid have to be larger than the winning bid?
When I went to bed last night, it said the current bid was $340K. It was a little strange, because the last three bids of $338K, $339K, and $340K were all from the same bidder, it looked like they were bidding against themselves. So maybe it was a glitch or something and the highest bid was $338K.
But when I stopped watching, the current bid was definitely $340K.
I don’t know what happened, but a backup offer is normally higher than the high bid, it is assigned by the computer. I used the term “high bid” because even it is a winning bid, the winning bid is still require a confirmation by the seller.
One guess is that the “winning bidder” backed out right after the finish, which is allowed by hubzu. IT IS NOT ALLOWED by Auction.com
“because the last three bids of $338K, $339K, and $340K were all from the same bidder”
Ok that explains some thing. Perhaps the “winning bid” determined by hubzu was $337K because the same bidder bids up to $340K level, but hubzu did not take the highest bid from the same bidder but awarded the house to that bidder at $337.
Thanks for the updates on the auction. It is always deceiving… someone thinks they got the house for, let’s say $340k, but then you add all the buyer’s premium, etc and they really paid over $350k for it.
Here is a new listing in Pt Loma area that is a beautiful old home with good bones, but the asking price doesn’t leave much room for improvement. I think it could come back out fixed up only about $1,075,000 so not enough room
38 5 1 Centra loma 92107
When buying a home in an auction, the total price paid is never an issue, I have a spread sheet open when bidding, I always know how much I was paying and when to stop if it is over what I want to pay. The problem is always at the house because you don’t know what are you getting into. The banks know the history and the condition of the house and they never have to disclose any. You have to buy it as is and most time you cannot inspect. And for those that allow inspection, the price is always very close to retail therefore leaves no room for the buyer. Over the years I’ve bought:
I have heard other stories from total foundation rebuilt to concrete in the sewer pipes. Premium foreclosed homes they are sold on the market by agents as REOs.
You need a big hart or big head when you buy homes in auction.
cb, that house has a lot of charming features. Too bad the margin’s too tight. You’re certain about the likely resale price?
Market is slowing in the neighborhood (as I thought it would), has no view and an average location. But, it does seem to have a lot of bedrooms stuffed into the house. Lots of money would have to be spent on spiffing up the yard and curb appeal.
That’s an appealing house except for being so close to Nimitz etc. But what caught my interest the most was all the empty land in the second b&w picture. Wonder when it was taken?
The pricing history of this house is interesting. Little house listed in early 2015 at $775 and sold at $816 days later. https://www.coldwellbankerhomes.com/ca/san-diego/4523-orchard/pid_2827842/ Then back on the market after flipping in late 2016 at $2.275. Drop drop drop drop drop and now at $1.895. http://www.sdlookup.com/MLS-170035740-4523_Orchard_San_Diego_CA_92107 I’m not too crazy over all those pipes/ducts overhead.
I am talking about a different house in my second paragraph, just so there’s no confusion.
We got it! 
The “flip” in the second link looks like a bulldoze/build kind of a deal. I wonder how they were able to get permits in such a short period of time!
The one on Orchard was one of those crazy $1,000/sq ft grandma cracker box purchases. Whoever flipped that property really needs to drop the price, take a small reasonable profit, and move on.
Love the “good” house. Really don’t think it needs much done to it, judging by the pictures, other than spiffing up the bathroom(s).It’s hard to tell about the kitchen, since the pictures are inadequate. All of those rooms wouldn’t really be used as bedrooms, there would be at least one office/study. What I find weird and unsightly is the fireplace, which was apparently added later, most likely by the person who added the brick in the kitchen, since they match. The fireplace looks much too massive for the room, IMHO, and I strongly doubt that anyone ever really cooked over it. (My last house, which dated to 1790, had a real cooking fireplace. )
If the CA drought is “over,” what are people going to do about their stretches of dead grass? It really is unfortunate-looking, especially with such a pretty house.
The Orchard house is not my style at all, but I think they did a good job. I have no problem with the exposed “pipes,” given the style of the house.
Even if the Cal. Drought is OVER, the water price increases during the drought have not rolled back. We are still paying very high price for water, the only difference is that they do not assess penalties to overages.
To spread more salt to the wound, I just received a hearing notice for increase in water rate request.
I just had a realtor call me with a ‘pocket listing’ that is not in the MLS. It’s a trust sale. I drove the property and I just think it’s more trouble than it’s worth, especially since the ‘pocket’ price is $1,600,000!!! Yikes. It’s got the kiss of death issue that cannot be fixed… steep stairs from garage/street up to the house. It’s possible to put garage and entry on the back of the house which fronts another street, but it’s very steep up there.
1 0 4 5 Cor
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I was wondering how they justified that much money for that house. It looks like it is half the size of those around it, plus the access issue. Would it support a big build on the back?
When I list my house FSBO/pocket listing, the buyers immediately think its over priced and made ridiculous offers. I asked 500K and offers came $350~400K, which were insulting, but 99% of the FSBOs are over priced. You can get them all over the Zillow or craigslist. I eventually cleaned and fixed up the place and put it on the MLS with open house date and offering deadlines. That brought serious buyers. Eventually, I sold the house for $525k. I am more than happy to pay the selling agent, because he shared a lot of work to close the escrow.
I’m not sure this is a For Sale by Owner. I think it’s just a listing where Sellers are getting house cleaned up or moved out or something.
I drove the property. The back of the lot has stunning views, but it is extremely steep. It would require a large amount of engineering, retaining walls, steel welded supports, etc. And, as we’ve discovered, most everything priced over 2 million is just lingering on the market and not selling. All of those ‘competitor’ flips that were being built while I still had Del Monte are still For Sale and having to drop their prices about every month. So, I don’t want to work on something that would have to come back out priced over $2 million.
So, I called the agent and told him a) it’s a very difficult sell with steep stairs up to the house, b) it would take a huge amount of money and time to build anything on the top of the lot and c) I am not interested in doing a project that will have to come back out over $2 million and I gave him examples of renovated properties still sitting on the market and d) their asking price is way too high because the market is softening and I gave him 3 comparables, such as the one on Sorrento that are similar but sold for way less than $1.6 million.
If you do get a chance to go east to flip, a friend “liked” this historic home in his neighborhood: https://www.zillow.com/homedetails/734-Longmeadow-St-Longmeadow-MA-01106/56184394_zpid/ Hey - they rebuilt the front porch already! But sure looks like a long term project.