Today's Roebuck Auction Results...

I was ahead of the time.

Seems to me that the best time to auction a property is when the market is filled with anxious buyers, not the other way around.


Goin' Coastal, yes, the same person did own all of these properties being sold at the Roebuck Auction on Saturday. I say the same person, but his wife is on the title to a few of them, I believe.

Looks highly unlikely that 1340 W Lake Dr will sell at $765,000 unless he had a boat load of equity in it. According to the Property Appraiser's Office, he paid $1,375,000 for the house.

The Bay front houses in Freeport were purchased under $200K each, several years ago.


I guess each lender will look at all of the sales collectively, so who knows, maybe if it all balances out to even or just a slightly less than is owed, maybe properties like 1340 W Lake Dr will sell.

Sold by JOE to previous owners 11/30/04 for $951,500; then flipped to seller on 01/27/05 (58 days later) for $1,375,000 Probably needed a little $ back to spruce up the wear & tear on the old place. That smell in the air ain't coming off the fish kill.

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Sold by JOE to previous owners 11/30/04 for $951,500; then flipped to seller on 01/27/05 (58 days later) for $1,375,000 Probably needed a little $ back to spruce up the wear & tear on the old place. That smell in the air ain't coming off the fish kill.

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That previous owner (flipper) is a local RE agent who got left holding the house on at least one other pricey one in WC, while trying to flip it.

That previous owner (flipper) is a local RE agent who got left holding the house on at least one other pricey one in WC, while trying to flip it.

Expecting to flip another @ a 45% price increase in 2 months as well too?

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Are you all saying that one person or one couple owned all 60 properties?

I attended the auction this past weekend - i enjoyed the chevre at least.

Can anyone tell me their view on the best way to go about bidding, at this late time, on some of the non-absolute properties being offerred. In my view, the non-absolute properties, were really a collection of "offers" not an auction, so what is stopping me from making a higher offer at this point on any of those properties? It sounds crazy making "higher offers" when the next year promises to be filled with auctions, on Tuesdays, of the sans food variety, however, just wondering for practical sakes, where to take my higher "offers" this monday morning.
I've used the pub. official records to look up current lien holders on the properties I'm actually interested in.

So should I take my better "offers" on these proprties 1) to those REO officers directly related to each property 2) to Roebuck, or 3) to the equitable owner himself. Would the answer be different if we're talking 30 or 60 days from now, as opposed to this Monday Nov. 19.???

Any insights appreciated.

I attended the auction this past weekend - i enjoyed the chevre at least.

So should I take my better "offers" on these proprties 1) to those REO officers directly related to each property 2) to Roebuck, or 3) to the equitable owner himself. Would the answer be different if we're talking 30 or 60 days from now, as opposed to this Monday Nov. 19.???

Any insights appreciated.

It is my understanding that the banks have until November 30 to approve the non-absolute properties. In other words, the high bidders of these properties have signed contracts that are being considered. If you want to make a higher offer on a property, I would present it to Roebuck in case the current contract is not accepted.

Sure, but does that mean that Roebuck has the exclusive until Nov. 30th?

Surely the banks and seller involved in this 'workout' didn't agree to give Roebuck an exclusivity beyond Nov. 30th?? In which case, wouldn't it be wiser to wait until Nov. 30th, and then contact the bank directly, but in the meantime leave a strong hint to these banks of my readiness, willingness and ability to close quickly, while I "mull over" my superior offers that I'm going to make December 1st???? If I want to trump the highest "auction offers" at this point, it sounds to me like if I wait 11 days, the "auction premium" of 10% disappears, and so an "Equal" offer is actually a superior offer. ..... and If I'm able to bid 10% more than the purported highest auction offer, then my offer is fully 20% higher to the bank of seller, in 12 days..

I think the worst thing I can do is contact the auctioneer at this point, because that probably puts me under a further exclusivity with them. No??

I attended the auction this past weekend - i enjoyed the chevre at least.

Can anyone tell me their view on the best way to go about bidding, at this late time, on some of the non-absolute properties being offerred. In my view, the non-absolute properties, were really a collection of "offers" not an auction, so what is stopping me from making a higher offer at this point on any of those properties? It sounds crazy making "higher offers" when the next year promises to be filled with auctions, on Tuesdays, of the sans food variety, however, just wondering for practical sakes, where to take my higher "offers" this monday morning.
I've used the pub. official records to look up current lien holders on the properties I'm actually interested in.

So should I take my better "offers" on these proprties 1) to those REO officers directly related to each property 2) to Roebuck, or 3) to the equitable owner himself. Would the answer be different if we're talking 30 or 60 days from now, as opposed to this Monday Nov. 19.???

Any insights appreciated.

Wow. Good idea, IMO. I don't know the best person to contact. It sounds as though the lenders were at the auction, so they may have already committed. I'm not sure of the agreement between Roebuck Auctions and the seller. The seller may be required to sell through Roebuck within 60 days from the auction date. I just don't know without seeing their contract. I think that I would first go to the lenders, but remember the original lenders may have sold the loans to other lenders. If that doesn't work, I'd then go to Roebuck. Roebuck is surely anxious to make the sales, but I'm uncertain if they are legally able to go around the bidders' backs to make the sale. They will likely go back to the winning and back up bidders if the lender turns down the bids. Perhaps they would then throw you in the mix.

Good observation about the non-absolute properties being more of a "bring us an offer day" rather than an auction. Until auctions are mostly absolute, I don't think you will see people at the auctions, except for a few curious locals. Notice we haven't heard back from P.A.G. on their non-absolute "auction."


Shelly, I don't keep up with that particular flipper, just remember her looking like she got stuck big time with one house overlooking the Pine Trees at Western Lake. (just looking at the mls and the property appraiser's records.

Goodwitch, yes, all of those properties were/are owned by a local attorney with a few of them having the attorney's spouse on the deed.

In most cases, the auction company has an exclusive after the auction for situations like this. I have heard some that were for as much as 6 months after the auction.

TN fan, I would be shocked if the seller and banks actually gave Roebuck an exclusivity period that long, where a 10% fee would attach to any sale on these properties for that length of time.

Why? Because there are multiple auction companies ready willing and able to do these auctions, and this one contained the holy grail, which was a guaranteed pay date on a handful of "absolute" properties that will more than make up for the marketing spend and the $2000 that the drink/cheese service cost at Watercolor to host the event. The auctioneer used their own AV equipment, I believe. Anyone care to calculate what the auctioneer took in in revenues on the "absolute" properties alone, (the ones that were not pulled)?? I would venture to say they had a guaranteed pay date of around $150-175K without calculating, and that's assumming that none of the other "ordered sold" properties close.
So if I'm the principal here, or the banks, and I'm handing the auctioneer a check for $175K to host this auction/open house, I'm not also going to give that auctioneer ANY exclusivity beyond the auction period. Why? Because potential purchasers have a hard time trusting an auction company on disclosures etc. and Saturday's auction did nothing to esuage my general mistrust of auctioneers I can tell you.

I would be shocked as well. But I guarantee that they have some kind of an agreement. No offense, but you seem very angry towards auction companies??

I attended the auction this past weekend - i enjoyed the chevre at least.

Does one have to fork over a $10K certified check to enjoy the goat cheese or can one just drift in with the rest of the riff-raff off the street?


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all rif raf welcomed...besides raf spelled backwards is...well you'll figure it out

Does one have to fork over a $10K certified check to enjoy the goat cheese or can one just drift in with the rest of the riff-raff off the street?


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I guess you'll never know...It must be hard to be so completely invested in another's demise...Oh well...Red

I guess you'll never know...It must be hard to be so completely invested in another's demise...Oh well...Red

:scratch: As I recall...it was you who said you planned on going to witness this trainwreck.

So tell us...were you just one of the bystanders strolling in from the street for a look-see, or were you among the few who plopped down $10K for a chance to "invest" in another's demise?



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Invest in another's demise? I think it is more like helping someone out and getting below market value deals!

But on another note, I like that saying. "Invest in Another's Demise"

Someone mentioned that there didn't seem to be any "funny business" having phone bidders bidding up the price. I would agree that I didn't see that. One thing that I did notice was one particular local who bid on several properties. (I wonder if he "won" any of the bids???) I thought nothing of it until just now. The other day when searching through the Property Appraiser's records, looking for all of the properties listed under the seller's name, I noticed a few properties (not the auctioned ones) listed as being owned jointly between the seller and this other person. Now it is true that this other person owns other properties in our area, and it is very possible, given such low prices at the auction, that he was doing nothing more than trying to buy some properties at a low price. Yeah, I'm sure there was no possibility that any "funny business" was going on. Now, I want to find out how many properties this particular person actually purchased at the auction. I know that I saw him bid on several.

I don't think we've seen the end of this Roebuck auction yet. Things could get very interesting.

I don't think we've seen the end of this Roebuck auction yet. Things could get very interesting.

Care to tell us more?

just an FYI on the term "absolute" in auction terms that does not mean it has to be sold! it does mean though it will be in the auction. it' s decieving i know. dad's an auctioneer.;-)

just an FYI on the term "absolute" in auction terms that does not mean it has to be sold! it does mean though it will be in the auction. it' s decieving i know. dad's an auctioneer.;-)

Yes, those auction companies like to get creative with their word choices, like "ordered sold," or, "now's the time to buy. You'll double your money in the spring."

"now's the time to buy. You'll double your money in the spring."

It's not like this statement hasn't been uttered in the Panhandle before :roll:

In this RE market, the best way to double your money is to fold it over and stick it back in your pocket. (With all due respect to Will Rogers)


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It's not like this statement hasn't been uttered in the Panhandle before :roll:

In this RE market, the best way to double your money is to fold it over and stick it back in your pocket. (With all due respect to Will Rogers)


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Usually, there is the word, IF, included in those forward looking statements, and there are usually much fewer witnesses, and no cameras running, recording the statements being made.

$12.6M x 10% = Better Snacks for Next Auction ?