Mar 19, 2008 5:12 am US/Pacific
Online Auction Offers Luxury Homes at Sweet Deals
STOCKTON (CBS13) ―
A $700,000 home for a buck? A new website is taking a page from eBay and auctioning off luxury homes. It's a new trend in Northern California aimed at selling homes, that otherwise maybe difficult to sell because of the sluggish housing market.
The website of Freedom Realty Exchange shows hundreds of beautiful homes around the central valley and they're listed for a lot less than they're worth.
According to the Stockton Record anyone who wants to continue bidding has 24 hours to email a new bid with a $5,000 minimum bump.
The bidding war can take anywhere from almost two weeks to a month.
LFC the company that runs this website has sold more than 50 homes in Arizona online.
This is the first time LFC will be auctioning homes in California. They are listing 61 homes in four central valley cities including north of Sacramento in Butte County.
But, many home owners aren't happy about online auction website. Some paid $700,000 for their home, and now a home in their area is going for half that price.
The online bidding deadline is April 10th..
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