Premier Auction - March 10, 2007

[P.A.G.]

We will be having an auction on Saturday, March 10, 2007. Please review our website for further details.

www.thepremierauctiongroup.com

Spencer Mann, President
spencer@thepremierauctiongroup.com

 

[bdc63]

We will be having an auction on Saturday, March 10, 2007. Please review our website for further details.

www.thepremierauctiongroup.com

Spencer Mann, President
spencer@thepremierauctiongroup.com

Hi Premier.

What's the minimum bid / reserve for these two properties?

Are they being offered for auction by an owner, a builder, or a bank?

Thanks.

 

[P.A.G.]

The minimum bids will be determined by the bidders. When a bidder registers, he/she will write down their minimum bid. We will then take the highest minimum bid and start the auction from there.

The home in Palmeira Villas is being offered by the builder and the home in Destiny is being offered by the occupant of the home.

If you would like to register to bid, please call our office at 622-3247.

 

[bdc63]

Thanks for your quick response, Premier.

The minimum bids will be determined by the bidders. When a bidder registers, he/she will write down their minimum bid. We will then take the highest minimum bid and start the auction from there. .

so ... it's an absolute auction?

what if you have 20 bidders register, and they all list their minimum as $1?

what if only one bidder registers?

are there any conditions by which the seller can pull the property prior to (or during) the auction?

I suspect that someday (when the market is right) I'll be traveling to participate in auctions. I would appreciate any wisdom/education on the process that you're willing or able to share.

 

[P.A.G.]

It is not absolute. There is a reserve set, however I can't disclose that. The seller may pull the auction beforehand, but not after the terms of the auction have been announced. I hope this helps. Please let me know if I can answer anymore questions.

 

[bdc63]

It is not absolute. There is a reserve set, however I can't disclose that. The seller may pull the auction beforehand, but not after the terms of the auction have been announced. I hope this helps. Please let me know if I can answer anymore questions.

Thanks for answering my questions, and good luck. Please update us on the outcome, if you can.

 

[P.A.G.]

No problem. I will let you know what happens.

 

[Smiling JOe]

It is not absolute. There is a reserve set, however I can't disclose that. The seller may pull the auction beforehand, but not after the terms of the auction have been announced. I hope this helps. Please let me know if I can answer anymore questions.

You have me confused. If the seller has set a reserve, the minimum bid being "set" by the bidders, is pointless, is it not? If the seller has set a reserve price, what is the purpose of having a minimum bid being set by the buyers? Just curious.

 

[P.A.G.]

It would be a disadvantage to the seller to disclose the reserve price and start the bidding there. The seller can still choose to accept a bid that is lower than the reserve price.

 

[Smiling JOe]

Thanks for your reply. It just seems confusing to talk about the min. bid as though it has real meaning. In my opinion, it sounds like too formal a process for such a simple thing.