Last Friday, Wayne County began its second round of auctioning off foreclosed properties. To end up in the auction, a property has to be three years behind on taxes. In the first round (September) the starting bidding prices are the total of taxes owed. In the second round, they are $500 per property. After bidding begins on a home, it stays open for several days. But today, bidding will begin to close on some of the real estate that began the bidding process Friday. We thought it was about time we checked the site Why Don't We Own This? for an update on the property that currently had the most bids. Here she is! As of 9:00 AM, this home in Martin Park is the hottest thing going. (Current price, $9,100; bidding closes at 1:45 PM today)
We spoke to the good people at WDWOT last night to get some tips for auction watching today. They want you to keep in mind that while a posted "end time" for bidding exists, any bid on a property within 5 minutes for the closing time extends the bidding five more minutes. And so on. Also, there's a small delay between updates on WDWOT and the live action bidding site, probably about 30 minutes. Some properties we supposed to start closing at 8:45 am this morning, but sill appear as "open" in the "Results" page (now called "Bids"). Once they say "closed," you can trust the final price.
The auction will be completely over on Friday.