Property in Arizona to Sell on New Penny Auction Tonight

6214-acoma-glendale
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.

ibidforacent.com

 

The property is located at 6214 West Acoma Drive in Glendale, Arizona.

Property Details:

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.”

Bidding Details:

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

The bidder who has entered the most number of bids during the reserve period (up to the point the reserve has been met) will earn $15,000!
The bidder who has entered the second most number of bids during the reserve period will earn $5,000!
For more information on the property including more photos, penny auction bidding tipsBroker’s Price Opinion, 3rd Party Audit Report, and Terms of Sale document visit http://ibidacent.com/ and to bid http://ibidforacent.com. Buyers will be allowed a one time property inspection in which they can decide whether or not they want to assume ownership and pay the final end price.
Would you bid for real estate on a penny auction?
Previous penny auction sites for real estate included iBidCondo.com, which had big plans to offer a number of luxury condos and was only able to sell one at a bit of a loss, and YayaBid.com which members reported an unfavorable experience. We don’t believe YayaBid ever sold the Colorado property that they auctioned on their site.

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3 comments… add one
  • Venduesu March 14, 2012, 2:15 am

    Soooo, an assessed value of $63,500 and they want a $165,000 reserve…they’re nuts! I would not have even bothered to look at it, let alone buy bids from a shill site like that. I never buy at any auction with a reserve price. Where’s the bargain doing that! That’s just people trying to get their money back at the pretense of a bargain. They are never going to make money selling houses with the penny auction model unless they kill the reserve and have several houses to start off with that they can sell for whatever the market will bear, lose a lot of money on those houses, then hope the word of a real bargain gets around to support an auction with tons of bidders and maybe a profit!

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