We have been curious about the auctioning of houses in the area and there was an auction in Smithsburg today of a small house. We decided to check it out and see what it was all about. We didn't register to bid since they required a certified check or $5,000 cash to register. That way it kept the riff raff out of the bidding.
The house was open at 11am for viewing and we checked it over to see what kind of shape it was in. One word described it very well. BAD! The roof needed replacing, huge wooden deck was rotten, kitchen and bathroom were in bad shape and needed updating. I estimated it would take about $50,000 in repairs to make it livable and even then it was only a 2 bedroom house. It was on 1 acre on a nice road so that was a plus.
We didn't know how much it would go for and seriously miscalculated the final price. We were thinking less than $40,000 and it sold for $115,000. I guess I won't make it as an estimator for selling houses. All in all, it was an interesting process and we learned a lot form the experience. Now to find a more suitable house that goes for a reasonable price.
There were a number of people there looking for a lowball house to pick up but they dropped out quickly when the bidding got up around $65K and at the end there were two groups bidding against each other. It was an interesting process and I could see where you could get wrapped up in the bidding and overspend for a place. Not today for us though.