Thursday, the crowd was immediately apparent, even before I opened the Salisbury Street Entrance door of the Wake County Courthouse.  ACORN demonstrators were present with a couple of banner signs and their “Save Our Homes” message.  They had had the foresight to tip off the folks at Raleigh’s WRAL-TV, who responded by delegating a cameraman to tape the proceedings.

There were more ACORN folks there than there were bidders or observers, and I managed to stumble into camera range and show up on the WRAL-TV news video.  Briefly, on the left as the woman paralegal cried one of the auctions.  The tall guy with the red necktie tossed up over his shoulder.  Making my mark in current events.

Again, as is common, all properties that were auctioned went to the 1st lienholder, with several postponements.  I hope that the postponements are successful efforts for folks to keep their homes, or to succeed in short sales, and to avoid foreclosure.

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.