Penny auctions are popular for selling everything from gift cards to cars at discount prices. Now in metro Phoenix, a former foreclosure home is scheduled be auctioned off cent by cent.
Real-estate agent Todd Talbot plans to hold an online penny auction for a Glendale home next week. The house at 6214 W. Acoma Drive, Glendale, was purchased for $81,000 in January. Talbot said he spent an additional $20,000 fixing it up.
He said as with most penny auctions, the potential to make money is the charge for bidding. Bidders must pay 60 cents for every penny they up the bid on the home.Talbot believes this is the first house in Arizona, and potentially in the country, to be auctioned off penny by penny. Bidders are allowed to bid only one cent at a time. So he and his partner have the potential to make money off the 60-cent fee per bid, if there are enough bids.
Read the rest of the article at The Arizona Republic
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