I mentioned last May that I had attended a real estate auction across the road from my house. I attended partly because the minimum bid was $50,000 for a modest, 1750 square foot home on a bit less than seven acres. If no one showed up--well, that would be a reasonable investment. (No, more like a steal deal.)
A number of people showed up, and there were even online bidders. The high bid was $93,000, from a couple that included the daughter of another neighbor. Ever since, I have been waiting to see them move in--but it didn't happen.
I talked to the neighbor today, and he told us that the bank refused the bid. They certainly have the right do so--but I find myself wondering: if you were not prepared to accept $93,000, why did you set the minimum bid at $50,000? I'm sure that the bank had to pay the auction company some money for setting up and running the auction. Why bother doing this when you know that you aren't going to accept $93,000? This is just stupid.