Friday June 13, 2008 : FROM THE DESK OF BRUCE NORRIS
I just wanted to let you know of an important development. This is extremely important if you have won bids at a Hudson and Marshall auction this week or are planning on bidding at the auction this weekend.
We were the winning bidder at the Hudson and Marshall auction on seven houses. The auction company had countered our offer on five and rejected the other two. We refused their counter offer in each case and stuck with our original winning bid.
On one particular property in Riverside, Hudson and Marshall countered our winning bid of $112,000 at $139,500. We held firm at $112,000. Hudson and Marshall got back to us today and accepted our original winning bid! We also know this has happened to a few other investors that we spoke with today.
This makes me very happy, not just because of the profitable deal but it signals the capitulation of the lenders. The auction produced multiple 60% deals. I think that trend will continue. The fact that the lenders are learning they better take the final bid is very exciting. FINALLY!!!
I wanted to let you know this information in case you are attending the auction this weekend. From what we've heard of the many days of the auction so far, the audiences have shrunk and the majority of the bids are lower then they have been in the past.
If you win, expect to get countered. If you get a counter, don't take the bait!
Have a great weekend,
Bruce Norris
The Norris Group
6391 Magnolia Avenue, Ste. C
Riverside, CA 92506
Tel: (951) 780-5856
Fax: (951) 780-9827
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