Techie turns trustee sales into online real estate auctions

Founder tests bidding service in Arizona

By Inman News Feed
Add Comment Add Comment | Comments: 1 | Posted Apr. 29, 2011

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"At the end of the day, if I didn't hear from them, it meant I didn't win; if I heard from them, I got something. But, there was no way to know what actually happened. Maybe they had a side deal with another bidder or were holding back for themselves. Who knows."

In two months using azbidder.com, Boardman bid on 61 homes, winning four. "I like the transparency and the amount of information offered," he says.

Azbidder.com also gives Boardman insight into the market that he never had before.

"There was a nice, semi-custom home in Peoria (Arizona) that I set my sights on," he says. "I figured it was worth about $450,000 -- maximum. I put in a bid of $335,000. That house sold for $427,000, and I realized: once the winner paid all the associated closing costs, he really paid retail value.

"People think they are getting deals, but some are not. I would never have realized that if I wasn't sitting there watching the bidding."

Steve Bergsman is a freelance writer in Arizona and author of several books. His latest book, "After the Fall: Opportunities and Strategies for Real Estate Investing in the Coming Decade," has been ranked as a top-selling real estate investment book for the Amazon Kindle e-reader.

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Copyright 2011 Inman News

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