This is the second condo-conversion project to take this "liquidation" sales technique. I know I say in my blog "I told you so" a lot, well no exception here. The risks with buying new construction (or conversions) is huge when they have excess inventory. New Construction Bargains: Risks or Rewards?
WHAT A STEAL! Ha!
POSSIBLE BIAS ALERT! One thing that really ticks me off is the buyer agent broker offering. They offer only 1% to the buyer agent. In Virginia 95% of the time the offer is 3%. Why would they want to discourage a buyer from having an agent???? Um, because then the agent can get in the way of the transaction and actually represent their client.
So even though I write this post and people will learn about the auction, I won't take any clients to this auction unless they make up the difference. Why?
(Sidenote, the "out" that you have is a double-edged sword. Because people know they have an "out" they will probably be MORE comfortable bidding $20,000 higher, so don't just see it as a win win for you)
Disclaimer: EOS gave me permission to post their ad, as long as they reserved the right to ask me to take it down if they don't like the blog post. I'm curious to see if they will request for the ad (not the blog post) to be removed.