The roughly one-acre tract on the corner of Main Street and Old Ocean City Blvd. was set to be auctioned at foreclosure at 1 p.m. on Monday by Allen and Marshall Auctioneers. A handful of potential bidders gathered on the property shortly before 1 p.m. and auctioneer Doug Marshall opened the bidding at $200,000 shortly thereafter.
After getting no takers at $200,000, Marshall then began backtracking to a lower bid amount. One prospective buyer offered $11,000 and another bid as much as $15,000, but when neither budged on going any higher, the auction was paused. After conferring with the bank representatives who own the foreclosed property, Marshall warned if the bidders didn’t go any higher, the auction would be halted.
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4 comments:
Isn't the point of an auction for whatever is being sold to go to the highest bidder?
Yes 12:46. However everybody on the eastern shore thinks everything they have is worth its weight in gold and get all sad faced when they aren't offered that when they sell it!
That un-improved lot is only worth maybe $20K, The bank should sell it low and then give buyer a loan for improvements.
The old restaurant property? Aren't the slab and foundation still there? That costs money to remove and backfill. And, hey, the last two failed there, and the economy is not booming, in case you need to be informed of that!
I agree with 234.
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