The Auction Experience

I experienced my first real estate auction yesterday.  I had thought about participating but left the checkbook at home and decided to be a fly on the wall and gain some experience.  WOW!  I recommend that everyone attend one of these at some point, epecially if you have any interest in obtaining some investment properties.  The auctioneers arrived late so I stood quietly as more people entered the property.  Most people seemd to know each other as if they were a part of some property managemnet fraternity.  I thought someone might slip out the secret handshake as they entered.  Soon the auction company (www.williamsauction.com) began handing out bidder numbers; I passed.  Then they announced the ground rules for the day.  Then it all began…and then it was over.  The whole BIG thing lasted about THREE minutes.  A little background on the house: assessed at 109k, spent 3 months on the market at 80k and didnt sell.  This auction was a last resort.  I was prepared to spend up to 60k (had I brought the checkbook, I guess).  The winning bid: 42 grand!  What a steal!  Of course, the bank still has to approve the winning bid for the sale to go through.  And then comes the massive amount of rehab needed to make it shine.  Oh well, I guess I should have been better prepared.  If you are out looking for the hidden gem, check out the next auction…and bring your checkbook!