Earlier this month we told you about the penny auction that was selling a remodeled single-family home at 6214 West Acoma Drive in Glendale, Arizona, the auction was listed on iBidforaCent.com and there was quite a high reserve for anyone to actually win the house.
iBidforaCent.com placed a reserve price of $2,750.00 for the auction, that would mean they required 275,000 bids at $0.60. Due to the rather high, in our opinion, reserve the property did not sell but was moved to a new website and is being offered on a different penny auction format.
Now, the property in Glendale is being listed on a brand new remodeled penny auction site, BidAbode.com this time on a seat auction with, as they state, no reserve. What does it cost to participate? $150 will buy you a “seat” in the auction and give you 500 bids. 1,000 seats are being sold and so far the site states that 985 need to be purchased.
According to the bidding clock there are 13 days left before the countdown gets down to the last few seconds of bidding. The site doesn’t state whether or not all 1,000 seats have to be purchased before the auction starts, but if so this would allow the site to take in $150,000.00 in participation fees before letting the house go allowing them, as has many penny auction sites before them, to actually still hold a reserve even when they claim not to. We’ve e-mailed the site for comments.
Update: All seats need to be purchased before the auction will begin.
“Yes, all seats must be purchased for this auction to go Live. If it goes live, there will be an auction winner, and someone will be buying this house for between $0.02 and $5000. If it does not go live, everyone gets an immediate refund in Dollar Credits on the site. Dollar Credits can be used toward the purchase of a seat in another auction, or they can be refunded according to the method of purchase (Credit card or PayPal).
We have our work cut out for us: 978 seats left to sell in just over 11 days! But we are doing a good job of getting the word out and interest is high among those who hear about us.”-BidAbode.com
BidAbode, in an e-mail to us, tells us that they feature “sought-after real estate in areas throughout Arizona, California, Nevada and Utah.” However, so far there is only the AZ property listed on their site.
The penny auction site, as ibidforacent.com, has been featured by Fox 10 News, Inside Edition and ABC 15 News.
The penny auction states that all auction winners are “guaranteed 100% no qualifying financing of the final auction sale price, with no credit score or additional down payment required. And they one-up the bidder’s experience by charging a flat, up-front fee for access to the auction — never charging per bid, allowing a level playing field for all participants.”
“Whether an auction closes for a million dollars or five dollars, if you want financing, we guarantee* we will provide you seller financing for 100% of the purchase price. ”
And for every house auctioned, they claim to donate $500 to Habitat for Humanity.
The owners of the property located at 6214 W Acoma Dr., Glendale, AZ 85020, are licensed real estate agents in Arizona with 1st USA Realty Professionals.
What do you think of BidAbode.com? Do you think it will be a success? Have you bid on real estate before on a penny auction?
Previous penny auctions for real estate have tried and were unsuccessful. iBidcondo.com had plans of selling multiple luxury condominiums but only sold one and took a loss. YayaBid.com the penny auction offering a property in Colorado had much press before offering an auction for the same property multiple times leaving upset bidders before the site finally disappeared.
Yes, all seats must be purchased for this auction to go Live. If it goes live, there will be an auction winner, and someone will be buying this house for between $0.02 and $5000. If it does not go live, everyone gets an immediate refund in Dollar Credits on the site. Dollar Credits can be used toward the purchase of a seat in another auction, or they can be refunded according to the method of purchase (Credit card or PayPal).
We have our work cut out for us: 978 seats left to sell in just over 11 days! But we are doing a good job of getting the word out and interest is high among those who hear about us.”
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