“Gary, I saw a home in an excellent neighborhood for $225,000 and am very interested. How soon can I see it?”
Answer:
I’m not sure where you saw it advertised, but that San Diego home is being auctioned and $225,000 is just the opening bid. It will end up selling for dramatically more…probably over $400,000.
The $225,000 figure is just a number they throw out there to grab your attention, which obviously worked.
I read the small print which says the “final bid is subject to bank approval.” So if somehow the stars aligned and you were the high bidder at or anywhere near $225,000, the bank would never approve that price.
Depending on how you look at it, the approach they’ve taken is either great marketing or a very deceptive practice. I feel it’s the latter, but that’s just my opinion.
