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Pac Height auction at 2077 Jackson

by sfishome on April 29, 2010

The auction guys are back – 2077  Jackson St #304 in the heart of Pacific Heights – will be auctioned off (if they succeed) on May 3rd between 1pm and 2pm outside the property (per the San Francisco MLS)

Last purchased for $669,000 in September 2007 they are now asking $299,888.  However, the price is just a marketing ploy to get attention.  In fact, they usually do multiple price changes to make sure they capture the attention of as many potential buyers as possible.   In this case they first listed it on April 25th for $349,888 and the next day dropped it $1,000 to $348,888.  Three days later they dropped to the current price.

What I found so frustrating about their 3731 Fillmore auction in February 2009 was that they set a “reserve price” that was absurdly high. 
old video of 3731 Fillmore:

They only attracted bargain hunters, and they had no intention of selling it at a bargain price.  I suspect something similar will happen here in terms of who they attract.  The question is – will they accept the highest bid or not?

One final thought – per tax records there were over $600,000 in mortgages taken out by the owner in 2007, so this is likely to be a short sale.  In that case, they might be able to accept the highest bid and then take it to the lender.  The only problem with that is lenders will hire agents for “BPO’s” or Broker Price Opinions which estimate the market value of the subject property.  The lender then only accepts that price or higher.  If the auction only generates low offers, there’s a very good chance the BPO’s will come in higher and blow the deal up.

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