Posted by TomC (Md) on May 17, 2000 at 11:11:13:
Were splitting hairs on wording. Maybe “auction” is not the perfect word to use, but there is a “process” that involves bidding for the properties, in essence it is a “sealed-bid” auction.
You are correct, there is no auctioneer on the courthouse steps, etc. According to the website:
“Your real estate agent must submit your bid for you, either by telephone or internet…At the end of the Offer Period, all offers are opened and, basically,
the highest bid is accepted”
When I hear the word bid, I think auction.
And the “Broad Level Brokers” do not have exclusive rights to market the property like in a normal MLS listing situation. I look at all the HUD’s in my target area, and have to date never seen a Realtor’s sign out front. This is different than other parts of the country, where HUD has started a program to list houses with brokers.
And I have bought one of them, so I have been through the process.