There were 24 properties scheduled to sell. Six were cancelled. Of the remaining 18 about 13 sold to the plaintiff. Many of these were bid up well over the appraised value. I bid on three. I bought none. They sold for $22,000, $15,000, and $5,000 over my highest bid. These were not great properties but most had multiple bidders. I use a simple formula to determine my maximum price: 70% of ARV - repairs. I was suprised at the number of people in attendance. My county conducts these sales monthly. I had not been in 3 or 4 months. I expected alot less people and bidders than before. That was not the case. I actually think there was more people and there was certainly more bid action. I thought all the "sky is falling" press and the actual slowdown in the market would have scared some people off. Wrong! I think its coming but the time for great buys is not here yet. At least not yesterday. Anyone else care to share some recent experiences?
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