This is the follow-up from the Auction Today post on December 21st.
I went to the Auction, and I have to say it was an experience. Like an open house signs were posted announcing the auction with directional arrows, unlike an open house the event drew a large crowd, packing them all in to the living room at 795 Jessamine Ave. E. in St. Paul.
Five properties were sold in exactly 42 minuets. The property at 1072 West 7th, which I mentioned in my previous post, sold for $50,000 dollars in less than five minutes. The opening bid was $10,000, with three people bidding against each other to buy it. Although most of the people attending the auction did not bid on any of the properties there were multiple bids on each.
There was a bidding war on the property at 795 Jessamine, which took about 10 minutes to sell and sold for $133,500. The three unit 3025 thousand square foot rental property last changed hands in 2004, and sold for $266,770. My price opinion for this property is higher than $133,500, but lower than the 266K that the previous owner paid for it.
All homes that were sold at the auction were sold "AS IS, WHERE IS’ with no financing, inspection or other contingencies to sale. Williams & Williams, the auction company represents the Sellers only and does not inspect properties on bidder’s behalf. Buyers have a chance to inspect the property before the auction and should not bid on a property they have not inspected. Buyers can have a REALTOR represent them if they wish.
After the auctioneer has received the highest bid the bidder makes a non-refundable deposit of 10%, which must be at least $5000, and is expected to close on the property with in 30 days. Bidders who need financing are expected to have made arrangements for financing before they place a bid.
All five of the properties sold at auction were bank owned, two of the had structures on them that will need to be torn down, three of the properties needed varying degrees of work.
Note: My price opinion for the property on W7th Street was $20,000 dollars less than it was sold for, which was also $220,000 less than the Zestimated value found on Zillow.
