By Anonymous / Friday 7 March 2014 02:52 /
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  badluckalex  |  23


  ElricMustang  |  23

Run down, and people wanted it that badly? That's strange, in my opinion

  AnOriginalName  |  19

#23, it's a run-down house, yes, but the winning bid was also only 12k pounds. I don't know the exact conversion, but it's likely around $20k. For a house! It was be easy to fix it up and flip it for some profit, or otherwise fix up and move in for a super cheap house.

  HanBroman  |  20

in the outskirts of Sydney a run down house is at least 250 k. where are these 12k houses!? here it would have to be a hole in the ground to be that cheap

  ElricMustang  |  23

I get thumbed down for stating my opinion lol.
Anyway, I guess that makes sense, seeing as the bid still was high, and you can make a lot out of that later on.
Enjoy the new house, OP!

  chinaski7628  |  32

#74-- I'm not really sure how auctions work because I've never actually been to one, but the way this is worded makes it seem like OP's bid was the only bid and he was a cockhead for opening bidding higher than the old lady could afford. I may be wrong though. We need a follow up for clarification.

  shadow292627  |  8

23, Many people buy run-down houses to either renovate, or even just demolish the house and build a new one because it was cheap land and possibly in a good location.

  lexi365  |  20

Wit it was, why would be auctioned in the first place?

  TheDrifter  |  23

A lot of people who get foreclosed on try to buy their house back cheap at auction. It's rather popular in high home price zones where houses still aren't worth what they were during the housing bubble. People owe mire than the house is worth and let the bank foreclose and take it then try to buy it back cheap. If successful they take a credit hit but save hundreds of thousands on their house.

  Perry85  |  31

This was my thought and she was hoping she'd get more out of it. But if she was another bidder it was un called for as if she wanted it, should of bid 12,001 pounds lol

  Zomg_Okay  |  26

79 - It'd have to be more significant than an extra pound. OP isn't limited to one bid, if she bid £12,001 there's nothing stopping OP bidding, say, £12,500 to take the lead back.

Besides, though I'm unfamiliar with auctions, I doubt they'd allow a bid of +£1.

  tranced_  |  41

and the award for the best comment goes to...

  Rosebudx  |  32

#12, this was probably a foreclosure auction or something, where a bank or municipality is trying to get rid of properties they've acquired because people went bankrupt or died or whatever. Those houses go for really cheap.

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