There are certain players that you expect to be around - even flourish - in this declining real estate market. It appears, however, that we should take nothing for granted.
Two of the largest national distressed real estate auction houses have hit troubled waters. And a third - the biggest - may be laying off staff. Why? Well, if you have been to an auction you know what it is not. These operations are very successful at what they do - getting people to commit to buying a property at the best price possible for the seller. So what is it? In my humble opinion - the buyers who commit cannot perform! They can not close the deal - be it lack of financing or appraisal hangups, or just changes of heart.
So now we have great deals out there - and no buyers. What's next? Watch out - here comes the RTC Freight Train!
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