Investors in Connecticut will have the opportunity to evaluate, bid on and buy properties in an auction with a twist this weekend. An LLC in Connecticut is opening up a number of its properties to the public to be shown for a few hours on Sunday, then will accept bids from all interested parties on the properties until midnight the following day. Potential buyers can review the entire property, then determine what they would be willing to pay for the house and submit that offer. The highest bidder (pending proof of ability to pay) will get the property.
The real estate LLC has been buying Connecticut REO properties, renovating them and then selling them via these “Name Your Own Price” events. Generally, the houses go for prices lower than market value, and successful buyers may receive additional prizes upon closing, such as flat screen televisions. The events are limited in size and have a very short bidding duration.
Do you like this idea? Would it work for your real estate business or would you attend such an event to get investment properties?