Today's Roebuck Auction Results...
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TN fan, I would be shocked if the seller and banks actually gave Roebuck an exclusivity period that long, where a 10% fee would attach to any sale on these properties for that length of time.
Why? Because there are multiple auction companies ready willing and able to do these auctions, and this one contained the holy grail, which was a guaranteed pay date on a handful of "absolute" properties that will more than make up for the marketing spend and the $2000 that the drink/cheese service cost at Watercolor to host the event. The auctioneer used their own AV equipment, I believe. Anyone care to calculate what the auctioneer took in in revenues on the "absolute" properties alone, (the ones that were not pulled)?? I would venture to say they had a guaranteed pay date of around $150-175K without calculating, and that's assumming that none of the other "ordered sold" properties close.
So if I'm the principal here, or the banks, and I'm handing the auctioneer a check for $175K to host this auction/open house, I'm not also going to give that auctioneer ANY exclusivity beyond the auction period. Why? Because potential purchasers have a hard time trusting an auction company on disclosures etc. and Saturday's auction did nothing to esuage my general mistrust of auctioneers I can tell you.
Why? Because there are multiple auction companies ready willing and able to do these auctions, and this one contained the holy grail, which was a guaranteed pay date on a handful of "absolute" properties that will more than make up for the marketing spend and the $2000 that the drink/cheese service cost at Watercolor to host the event. The auctioneer used their own AV equipment, I believe. Anyone care to calculate what the auctioneer took in in revenues on the "absolute" properties alone, (the ones that were not pulled)?? I would venture to say they had a guaranteed pay date of around $150-175K without calculating, and that's assumming that none of the other "ordered sold" properties close.
So if I'm the principal here, or the banks, and I'm handing the auctioneer a check for $175K to host this auction/open house, I'm not also going to give that auctioneer ANY exclusivity beyond the auction period. Why? Because potential purchasers have a hard time trusting an auction company on disclosures etc. and Saturday's auction did nothing to esuage my general mistrust of auctioneers I can tell you.
Does one have to fork over a $10K certified check to enjoy the goat cheese or can one just drift in with the rest of the riff-raff off the street?
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all rif raf welcomed...besides raf spelled backwards is...well you'll figure it out
I guess you'll never know...It must be hard to be so completely invested in another's demise...Oh well...Red
:scratch: As I recall...it was you who said you planned on going to witness this trainwreck.
So tell us...were you just one of the bystanders strolling in from the street for a look-see, or were you among the few who plopped down $10K for a chance to "invest" in another's demise?
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Invest in another's demise? I think it is more like helping someone out and getting below market value deals!
But on another note, I like that saying. "Invest in Another's Demise"
But on another note, I like that saying. "Invest in Another's Demise"
Someone mentioned that there didn't seem to be any "funny business" having phone bidders bidding up the price. I would agree that I didn't see that. One thing that I did notice was one particular local who bid on several properties. (I wonder if he "won" any of the bids???) I thought nothing of it until just now. The other day when searching through the Property Appraiser's records, looking for all of the properties listed under the seller's name, I noticed a few properties (not the auctioned ones) listed as being owned jointly between the seller and this other person. Now it is true that this other person owns other properties in our area, and it is very possible, given such low prices at the auction, that he was doing nothing more than trying to buy some properties at a low price. Yeah, I'm sure there was no possibility that any "funny business" was going on. Now, I want to find out how many properties this particular person actually purchased at the auction. I know that I saw him bid on several.
I don't think we've seen the end of this Roebuck auction yet. Things could get very interesting.