More are SOLD! on the idea of home auctions
“The guy tried to flip it for $379,000 a month later. Obviously, it didn’t work out,” the 39-year-old electrician says with a chuckle.
The house, located on a main thoroughfare, is a mile from the beach — a perfect starter home. The two bedrooms are generously proportioned and a third small room could easily be turned into a nursery or office.
The other two properties are mysteries. The auction notes describe the condo as a two-bedroom, two-bath residence in a senior living community. The condo appears decent in pictures on the auction web site.
On the other hand, there are no pictures of the single-family home in Trenton, which seems to turn off most of the bidders.
“You all came here to buy the houses as cheap as you can, right? You came here to steal it,” Green roars into the microphone. “Well, we’re here to sell it as high as those trees.” A murmur travels through the crowd.
“Don’t worry, we’ll end up somewhere in the middle,” he reassures them.
The condo is first and, just like in the movies, Green rattles off the bids without a breath. The offers start to stall on the condo after its opening bid of $25,000, so Green tries to entice the crowd.
“The last listing prices for this condo was $160,000,” he says.
Hands shoot up and Tony Nardini, a 50-year-old mortgage broker, finally wins the condo for $75,000.
The Trenton house is next. After opening the bidding at $10,000, Green quickly drops it to $9,000, then $8,000. No takers. Finally, at $7,000, Davis raises her hand and the crowd applauds.
“Now, here’s the one you have all come for,” Green says, pointing to the quiet bungalow.
Opening at $50,000, the bidding surges above $200,000. Kelly shakes her head as the price soars beyond her budget.
Finally, Antonio Pragosa’s offer of $283,000 ends the battle for the bungalow, and the West Long Branch, N.J., resident slips away shortly after signing the auction papers.
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Nardini, who grabbed the condo for his parents, says: “That guy paid way too much. He let emotion take over as opposed to reality. At $200,000, it would have made sense.”
As for Davis, who paid $7,000 for her house, sight unseen, she hurries to her car to drive to Trenton.
“It’s a good buy, less than my watch,” she pauses. “I know, it’s crazy.”
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