Lake Martin Topics: My full report: Water's Edge auction results

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	Name:	Talullahhound -
	Subject:	My full report: Water's Edge auction results
	Date:	3/21/2012 9:00:53 AM

Feb and i go to a lot of auctions -- not real estate -- but my observations about why people go to auctions:

They are mostly looking to be entertained. Nothing more entertaining than to see a good bidding war.

They are looking for a great deal.

They are hoping to find something unique.

i suspect that a lot of the people there were expecting this was a true distress sale and hoping to get a great deal.
Based on reading your description, i'm wondering if Alliant was hoping to create a buzz about that property and hoping to generate some interest. i also think it is possible they have someone interested in the entire parcel and were hoping to prop up the negotiations (i think this may have backfired on them). Don't know what kind of arrangement they had with the auctioneer. Normally the auctioneer gets 30% of the purchase price, but i think it is entirely possible that they did this on a flat fee basis. The fact that there was no buyers premium seems a bit suspicious to me.