The auction is being held on Auction.com, which is an online auction site that lists properties all over the country and anyone who registers can submit a bid. The bidding period for this house started on Saturday, February 22, and will run through Tuesday, February 25.
It seemed like an opportunity too good to pass up. I remembered that house sold a number of years ago for around $450K. It might have sold again more recently and the owners got in over their heads.
The listing is "Non Financeable ? Cash Only" and requires $2500 to bid and 5% of the winning bid amount as a "Buyer's Premium." Right now it is up to $300K with the next bid at $325K, but so far the first three bids have not met the reserve. My guess is the reserve is at least $350K or even $400K. Still that would be a great price for a house estimated at over $600K.
It is being sold "As Is" of course, and is occupied. I'm not sure if the occupants are the owners or renters. I wouldn't want to be in a situation to evict the previous owners. However if the property is bought as a rental, the occupants might be willing and able to continue paying the rent. Otherwise it could be a very sticky situation.
I don't know how often these online property auctions come up in San Ramon. This is the first one I've stumbled across, and I'm only interested because the house is in my neighborhood. For anyone who doesn't know where Hondo Place is, it is off Estero Drive walking distance from Pine Valley Road where the Pine Valley Middle School and Walt Disney Elementary School are located. This is a nice cul de sac in a very convenient and sought after neighborhood.
If anyone reading this wants to learn more about it, and happens to have half-a-million dollars in cash to throw around, here's a link to the auction site.
I just emailed the link to Mayor Bill Clarkson, who is a Real Estate professional. Anyone who is interested should contact a local Real Estate Agent to get more information about it before placing a bid. It's too rich for me, or to put that better, I'm not rich enough for it.