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Tuesday, December 02, 2014

Auction On Berlin Property Scrapped After Low Bids

BERLIN — The future of a beleaguered cornerstone commercial property along a key gateway entrance to Berlin remains in doubt this week after a foreclosure auction was cancelled due to a handful of considerably low bids.

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.



Anonymous said...

Isn't the point of an auction for whatever is being sold to go to the highest bidder?

Anonymous said...

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!

Ray said...

That un-improved lot is only worth maybe $20K, The bank should sell it low and then give buyer a loan for improvements.

Anonymous said...

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.