Auction at Lafayette

The room is full of people. Planotx rush into the back of line for registration. 9:50am. 10 minutes away from planned auction time.

Kevin is there. He reaches his hand to this Chinese-looking stranger. Planotx smiles at Kevin and shakes his hand. A simple greeting between them. Michael is behind planotx.

Michael and planotx came from Dallas ten hours ago and stayed in local hotel. They visited the propertied in the early morning, and drave around town for the feel of surrounding area. They also stopped Purdue. Planotx talked to some students about their feeling of the propertied. Not very positive feedback. The distance was the concern.

Jy is on the way...
Jy is 30 minutes away...
Jy is pulled over by police...
Jy is lucky to get just a warning...

Planotx is getting the update from jy via text message. He has to fill in now. It is not his first time in such auction. He fills the registration form and submits the ID and cashier's check. Luckily he volunteered to bring his own check.

Michael gets four spots in the second row. Three of them sit there and hope jy cound be here soon. Planotx calls TT for backup in case we need some decisions at spot. Jy is few minutes away. But auction starts...

Auctioneer gives some legal statements and clears some questions.

He starts with 28 unit condo ( 700k as our target).

2 million... 1.5m... 1m.... 500 thousand... No one raises hand... Maybe we have chance

100k... Some raises his number finally.
150k... Another bidder raises his number.
200k...
300k...
....
500k... Planotx raised his number. His is really hoping for a kill now.
550k... 575k.. 600k... ... 700k... The bid is raising fast. Planotx raises his number for the last try. No chance.. The bid is up to 850k in a minutes. The old person in the first row had it for 875k.

The auction is continued on 21 unit apt. Our plan is bidding on 28 unit for 700 k or combined 28+21 for 1m. So planotx is waiting comb bid, the last chance.

The 21 unit apt is also jumped to 675k which is appraised at 750k in county. Those bidders are out of mind.... We has no chance at all. jy is here. He talks to everyone and looks a little disappointed. Planotx knows how it feels. A lot of hard work...

When comb bid, auctioneer starts at 1.55m. The crazy bidder pushes it to 1.7m. A clear win for bank. The price plus 10% commission make this a market price sell. A crazy auction. Hats off to the auction house. Bank makes money from this foreclosed property.

The team has to move on... New plan is on the way... Maybe a backup plan (135 unit in fort worth)...

Dream never dies.