Posted by Rich on December 09, 1999 at 07:28:01:
It has been my experience with auctions that if the property doesn’t bring what they want, it doesn’t sell. They might let it go for less than the $300k, but that will be up to the owner to decide. As long as it’s not a ‘forced sale’, more than likely they are just trying to create interest, and hope that two people will show up and bid the property up to their selling price. You could always call the auction company and ask what the ‘reserve’ is. If they tell you, you’ll know up front what the least amount you’ll have to pay. If they don’t tell you, it’s probably a waste of your time to attend. Good luck!