Auctions

canis

On April 18 I wrote a post about an online auction taking place for the property at 857 Canis in Isle Cove. It’s still a pretty fascinating subject to me and I thought it was worth an update. There have been 39 bids so far on this property that began it’s auction life at $300,000. It’s now up to $474,000 with 11 days left.

This property initially came on the market last November for $718,000 and experienced 2 price reductions down to $650,000 before being withdrawn at the end of March. The auction company plainly states that the “final bid/sale amount is subject to sellers reserve” so there would appear to be a point that the property can’t be sold?

The auction company, USA Auction Advantage, charges the buyer a fee to purchase. Here’s their wording:

A BUYERS PREMIUM OF 2% WILL BE CHARGED TO THE BUYER AS A CLOSING COST, DUE AND PAYABLE AT CLOSE OF ESCROW. THIS FEE IS PAID DIRECTLY TO US AUCTION ADVANTAGE AND IS NOT INCLUDED IN THE PURCHASE PRICE. 

 

In addition, there’s a large assessment at Isle Cove currently that presumably will need to be taken care of by the buyer. I’m fascinated by this process, there’s still plenty of time left but $474,000 would be a fantastic deal on this place. I have no doubt that it’ll go over that too. May 23 is the final day and I’ll let you know how it all ends up…assuming I can find out!

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