Foreclosure auction at the Raleigh Civic Center

I wish I had seen this foreclosure auction, since I have never been to one of the mass foreclosure auctions.

Properties presented were in Raleigh, Wake County, and nearby North Carolina counties.
The Raleigh News and Observer article this morning indicated that,”Even some of the buyers who clear financing hurdles may see their winning bid rejected by the banks that hold the homes…”

“…Lee, the vice president, said about 80 percent of the winning bids that require the approval of the seller will get it.”

I wonder: was the auctioneer not given a reserve price?   What is the value of an auction where there is no reserve set, but the bidder cannot be assured a winning bid gets the goods?

I also wonder if bidders have done proper due diligence to assure that they are getting a property in good enough condition that will support even the reduced value they pay at auction.  Inspection contingencies?  I may have to make sure I go to the next auction in March.

 Wral-TV also aired a piece on the auction, without mention that one could win and not win.

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