New Penny Auction to Sell Real Estate

Yayabid.com is a new penny auction that along with the usual penny auction items, is selling real estate.

Not the first time real estate has been sold on the penny auction format, the first being over a year ago on ibidCondo.com,  a penny auction on the “seat auction” format, where users did not pay per-bid, only an entry fee then final cost. iBidCondo sold a new, luxury condo in Dallas for $86,840. ibidCondo had more auctions queued but must not have garnered enough interest from home buyers, they’ve since closed.

Yayabid’s real estate auction, set to begin (count down) in 11 days, on December 3rd, 2010, is for a 4 bedroom, 3 bath property at 17099 E. Atlantic Pl., Aurora, (near Denver) Colorado.

YayaBid tells us that they  have open houses each Sunday from 2-5 pm. Yayabid says the price of the property is $200k. The property is agent owned by Realtor® Broker Mary Bogetveit of Absolute Realty/ Kelly Enterprises, LLC.

So far they’ve sold 5 items, including a Sony Bravia HDTV, iPod Touch, Wal-Mart gift card. All of which have ended at very low prices. They hope to sell more properties on their penny auction site.

Auction Details – 17099 E. Atlantic Place, Aurora, CO

Kari with Yayabid told us that the property has been totally remodeled.

Auction Requirements:

The auction has a reserve price of $1,800.00. (180,000 bids), and if the reserve is not met the auction will extend for 10 days. If the reserve does not get not met, users will receive a bid refund. Yayabid is also requiring interested users to make a minimum bid purchase of 100 bids by November 30th, in order to participate in the auction.They hope that YayaBid will be a way for buyers who do not qualify, due to bad credit, etc. to be able to own a home.  They’re currently advertising on the radio and have garnered local interested. They tell us that they will soon be running a promotion on 98.5 KYGO, Denver, either starting today or next Monday, from 4-5 o’clock, where they’ll be giving away $100 in bids. Yayabid also randomly gives away prizes to new members & customers, see their Facebook page for more information.

Bids range in price from $1 to $0.85, depending on the amount of bids purchased.

For more information on the property, we pulled up the property & tax information from Arapahoe County‘s website: 17099 E. ATLANTIC PL. PID=1975-28-2-11-005

According to the tax records for this property, the total 2009 taxes were $1,099.72.

Year Built: 1978

Total living area: 1,624

The buyer will receive a special warranty deed, free & clear of any liens and encumbrances.

Yayabid states that they will finance the winning amount (final end price) at 6% interest, with no qualifications or questions asked.

What do you think of Yayabid?

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2 comments… add one

  • ron cotter October 2, 2011, 10:42 am

    this yayabid is a scam there site always crashed and now there site is no longer there.i just want my money back that i purchased for bids. they really should let people know whats going on .

    Reply
  • grey morales April 28, 2014, 1:53 pm

    I will love to buy a house but i need more information.

    Reply

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