I heard that in 2004 year there had been sold a house over auction, the minimum bid was 1 dollar. That house had been sold 950000 dollars.. Is it too risky to put your house on auction with minimum bid 1 dollar ?
Without sounding rude - what do you think? If you can afford to let your house go for $1, then go for it. If not, then don't bother. Of course the odds are heavily stacked in the favour that your house wouldn't go for $1, but there's always the chance.
If i am not mistaken, every auction system have the min reserve price features. Let say seller A start the auction with $1 and the min reserve price is $100k, any bid less than $100k will not be counted.
Then what's the point of a minimum bid? And it's a terrible idea unless the house is like... a cardboard box.
Many times real property is sold at absolute auction with no reserve bid. I have bought at some of those sales but doubt that I would ever sell one that way.
What's this got to do with the WWW? I got a bad feelin' this should be in the General Fo' Shizzle topic, or whatever the underdogs are calling it nowadays And for what it's worth, if you can't physically afford to let it go for $1, then don't bother risking it. If you do, I'll put a $10 proxy bid on it
say your house worths 300k, it would then be lame to start the bid at $1 and set a reserve for 300k. but it has a good side which is by starting a low bid price, you are attracting many bidders who would not otherwise bid if the start price was 300k. if you don't set a reserve, then you risk letting your house go for lot cheaper than the market price.