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The San Felice at 3524 E. Expedition Way is now under auction terms. To learn more about what
that means I went to Auction.com and drilled down till I got to the information about the house.
There is a link there to "Terms and Conditions" where I found this:
"3. BIDDING AND BUYING
Reserve Auction. This is a reserve auction and all Properties have a reserve price (“Reserve Price”), meaning the Seller of each Property can accept or reject any bid and has also established an unpublished, minimum selling price. The starting bid is not the Reserve Price. In order to become the Winning Bidder for a Property, a Bidder must meet or exceed the Reserve Price and have the highest bid, and such highest bid must be accepted by the Seller (see “Subject to Confirmation” section below). Except where prohibited by law, during a live bidding event
(online or otherwise) the Auctioneer may open bidding on any Property by placing a bid on behalf of the Seller and may further bid on behalf of the Seller, up to the amount of the Reserve Price, by placing successive or consecutive bids for a Property, or by placing bids in response to other bidders. If no bidders meet the Reserve Price, the Seller is under no obligation to sell the Property. The Seller may withdraw a Property at any time prior to the announcement of the completion of the sale by the Auctioneer. Auctioneer is not acting as an agent for any Bidder
in any capacity, and is acting exclusively as the Seller’s agent."
So the starting bid is $179K and it also says the home was previously valued to: $700,790. If
I am reading the above rules correctly, if the "established, unpublished minimum price" is not met
then they do not have to sell the home. This is the same type of thing that was going on with
the Monteloma model at 3708 E. Maffeo Rd that had the brightly colored signs saying the home was going to auction. When I was in college I would go to farm auctions and they would auction off all the parts of a family farm. But they did indeed auction it all off. There was no "well Jethro we
are not going to sell the manure spreader because no one met the unpublished minimum price".
