GRAND RAPIDS (WZZM) - At first it sounds like he's speaking in tongues, but when the gavel hits the podium the auctioneer is speaking a language bargain hunters understand.
"Starting bid was $500 I ended up paying $10,000" said Doug Bittenbender.
Bittenbender bought a three bedroom home Wednesday night as an investment. "I Thought maybe I could get a good by on a couple of run down homes to give me something to do and maybe make a little cash at the same time."
People at DeVos Place in Grand Rapids needed a minimum of $2,500 in hand and 5% earnest money to make a bid. The full balance must be paid in 30 days of purchase on cash only deals, otherwise financing is available.
"It's a perfect storm of opportunity and people are starting to understand that, so they are really turning out in great numbers for the auction," said Dave Lee, Senior Vice President of REDC the company facilitating the auction.
Rodney and Jessica Thom were in Wednesday night's crowd. They came for property #1034, a THREE bedroom house in Kalamazoo. "$29,000 is what I think they say the starting bid is," said Rodney.
Many who attended were investors, but the majority included families like the Thom's hoping to lower their mortgage with a cheaper house or buy their first home.
"The first time home buyer stimulus does apply to folks who buy their first home here at auction," said Dave Lee of REDC.
First time bidders have a lot to gain. Jessica Thom said she was nervous as their house approached. $40,000 was their limit; they got outbid in under a minute.
"My heart was ready to come out of my chest," said Rodney Thom. But the couple says they'll be back.
If you are interested in future auctions click on the highlighted link to learn more.
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