A few years back I was house hunting with my wife. We found a lovely house that was a short sale, and put in a bid.
Holy crap, that process was all kinds of frustrating and drawn out.
About 3 months after we placed the offer, the bank put the house up for auction on another site, to try and drum up more offered. On the auction day, I checked in routinely no one was bidding. All was looking great. About three hours before closing, a bid came in that was lower than our offer. OK, still good. Then another about an hour later. Still good. Then the "final hour" of the auction happened and it slowly but surely started ticking upwards, bids started trickling in and the price started climbing higher and higher. About 20 minutes before the end it got past our offer and my heart sank. As the end time drew near it started getting bumped out by further offers.
I told my wife we'd been outbid, after a stressful day, following on from months of stress and frustration.
Next day, our realtor reaches out to the selling realtor who reported that the bank told her no one else had actually bid on the house.
Holy crap, that process was all kinds of frustrating and drawn out.
About 3 months after we placed the offer, the bank put the house up for auction on another site, to try and drum up more offered. On the auction day, I checked in routinely no one was bidding. All was looking great. About three hours before closing, a bid came in that was lower than our offer. OK, still good. Then another about an hour later. Still good. Then the "final hour" of the auction happened and it slowly but surely started ticking upwards, bids started trickling in and the price started climbing higher and higher. About 20 minutes before the end it got past our offer and my heart sank. As the end time drew near it started getting bumped out by further offers.
I told my wife we'd been outbid, after a stressful day, following on from months of stress and frustration.
Next day, our realtor reaches out to the selling realtor who reported that the bank told her no one else had actually bid on the house.
Yay.