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. [click to continue…]

{ 1 comment }