How would you like to win a house for a large fraction of its market price? Today, Arizona man Todd Talbot is selling a newly remodeled single family home in Glendale, Arizona on his brand new penny auction site iBidforaCent.com.
The property is located at 6214 West Acoma Drive in Glendale, Arizona.
Todd purchased the property in January at foreclosure for $81,000 and put in $20,000 of improvements such as new carpet, new paint, fixtures, appliances, cabinets and granite counter tops.
According to the Maricopa County property tax database (http://mcassessor.maricopa.gov/Assessor/ParcelApplication/Detail.aspx?ID=231-07-172&info=res) the property was built in 1978, has 1,747 sq ft of living space and is assessed for 2013 taxes at $63,500, 2011 taxes were $684.68.
“This 1749 sq ft property is completely remodeled and features 4 bedrooms and 1.75 baths. The home includes 20″ tile flooring in all traffic areas and new carpet in the bedrooms and living rooms. The kitchen remodel consisted of all new cabinets, granite counter tops and appliances. Dual tone paint, all new fixtures and hardware with 2″ wood blinds throughout make this fabulous remodel complete. This corner lot property also features separate living and family rooms, a wood burning fireplace and a double door office/den type (4th) bedroom with a closet.”
The penny auction is set to count down to the 20 second countdown clock at 5 pm Arizona time tonight, March 13th, 2012. Bids cost $0.60 a piece and are sold in bid packs ranging from the $60 Basic pack to the $6,000 Ultimate pack.
The current end price in the property penny auction is $4.51 and there are bidders actively bidding against each other right now.
iBidforaCent.com has placed a reserve price of $2,750.00 for the auction, a required 275,000 bids at $0.60. Quite a high reserve, no?
Todd said he and his business partner came up with the idea of offering the property on the penny auction model. I asked him what would happen to bids placed by bidders if the reserve price was not met and he told me that bids will be refunded minus a $0.30 PayPal processing fee. If this auction proves to be a success they plan on offering more penny auctions for real estate in the Dallas and Las Vegas markets.
iBidforaCent.com has also advertised bidder incentives for bidders during the reserve period:
“Incentives to Bid During Reserve Period