On May 23rd a 3 bedroom/2.5 bath condo with a one car garage  in Foster City was auctioned off on-line. It sold to the highest bidder for $ 564,500. The cut off was at 1.07PM. With 5 minutes to go the price, which started with an opening bid at $ 300,000 had reached $ 536, 500. At this point only a few bidders remained. I was surprised  to see few neighbors and no other realtors to watch this new way of selling a property in our area. Even-though USAuction Advantage did not allow any contingencies to be written into the contract, there were still several parties interested. The last comp in this complex sold for $ 540,000 and I know of one bidder who dropped off when it reached this mark. The seller obviously had to agree to the final price and we will not know what it actually sold for until escrow closes. The final bidder had to be aware that 2% of the purchase price had to be paid to the auction company by the buyer and that a large assessment for around $ 38,000 per unit is being discussed.

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