Whoa. Hold on just a minute. In this hot as fire market something sold for more than $200,000 under its original asking price?!
Yup. Sure did. In Montclair too. 11015 Broadway Terrace was originally listed at $800,000, the price reduced to $707,800 before selling for $598,500. How did that happen?
Auction. That's how.
This property was an REO (foreclosure, bank owned) that was sold at auction. When properties sell at auction the buyer purchases them as-is in the most fundamental sense of the term. Bidders typically cannot see the interior of the property on which they are bidding, nor are they able to perform any inspections. What you buy is what you get. Not everyone can do that from a psychological, emotional, and financial standpoint. But as you can see from this (rather rare) example, if it does work for you, there are still deals to be had in this market.
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