Why aren't homes sold in second price auctions?
Submitted by brad on Fri, 2017-09-29 12:25Newspapers reported a house sold in my town this week for almost $800,000 over asking, which is to say the buyers bid $2.5M for a house listed at $1.69M. Now the prices are already crazy but this takes the cake. The buyers had lost a few auctions before by not overbidding enough, and wanted to make sure they got this house, even though it is not that remarkable a place.