An real estate auction was held 07/25/2008 in Battle Ground, Washington at 501 NW 11th Street, Battle Ground, Washington 98604.  The opening bid was only $50,000 for a 3935 square foot home in excellent condition.  There was only a handful of bidders and the final price came in under $345,000.

The home next door which is perhaps similar – I don’t know the exact details of the home but it appears in the same condition and size is listed in the $420K price range. I just glanced at the flier and don’t know the exact listing price but it was above $420,000.   Ouch.   Hopefully they have a pool or other offsetting features.    Anyway,  what do you think about this way of selling a home.?

Do you think auctions are the way to go?  All the time? Some of the time?   Do you think this auction will set the price for the neighborhood per future appraisals or will it be treated as a one time anomaly?

btw:  This home was not a foreclosure, trust deed sale or bank owned property.  This home was in a relocation program.

Let us know your thoughts about this auction and real estate auctions in general.