I've not worked the auction end of the business. Have been to many auctions but not with clients

If it's water damage, there's something underlying, like mold, or it wouldn't be an auction house!

#RunForrestRun

Auctions are just not my thing.  More than the price it is all the unknowns and "disclosures" that are not disclosed. 

I find most people underestimate the cost of rehabbing properties.

Recognizing a good flip can make one a lot of money Jeff Pearl .

I was doing a short-sale one day and I got a call from a flipper. He worked strictly by formula and kept running his math as I held the phone. He would not change the math to make the deal but realized his risk went up instead if he was to do so. Sorry he says...its not worth the risk (based on worst case)

never worked with a buyer at an auction..... 

Worked with a buyer at an auction, but never made a bid on a property being sold absolute. Attended one once and the first unit went for big numbers and then the auction descended and some units could not produce a bid at $10,000!

Another one I have never heard of.

It seems here that a property that is in need of rehabbing has a starting price that is set for a home that is in tip-top condition! Once they have lowered the price it becomes an auction type as the listing agent calls and says we have multiple offers and need your biggest and best!

The selling price after it has been rehabbed is high and do not want to be around for another "08!

Overbidding? That's the real crux of an auction. I've been to several as Buyer, agent and observer and now limit myself to absolute auctions where the bidder must be present, no phone or internet bids please.

No, I did not work with Absolute Auctions. 

Have never worked with a buyer or a seller in an auction.

I have participated in many auctions.

Never heard of them. Always shy of water damage.

The Investors I have put in bids for back off when the price climbs too high. 

My second office is at the courthouse steps for auctions with my investors.  Many fun stories there...

Can't say I've ever worked with any auction houses, Jeff... not quite my wheel house.

Thank you for the heads up.  A

This online auction company ordered a rpt asking why their $846K lower than sold comps. My value is too high. 

I replied 5% hammer fee, $500 tech fee, 0.5% commission to buyer agent, the buyers need to evict owners out after coe that will take another 4-6 months. 

Jeff, do your investors typically work with an attorney in advance for full property info - title, taxes, etc.?

I work the auction circuit both for me buying and my investors. Lets take this weeks lesson, a house needing a 100 k work. I am high bidder at 140k, going once, going twice and someone bids 210k. Wait why didnt they bid 145k? They over paid by a good 60k, they need to learn how auctions work

Never have worked with a buyer wanting to bid in an auction. My advice is to find a number and stay with it to avoid getting emotionally involved and overpaying. The acreage is very nice on this one Jeff Pearl!

I have not heard of them.

No, never.

Wow,  sounds like something to look into.

This is a case of a seller using the auction method of selling in order to ramp up buyer interest instead of putting the house on the mls. All due diligence still needs to be taken in making an offer.

Never have. That buyers premium is ridiculous!