Risky from the start, a live auction of a house that started at $1 today ended in a sale of $332,000 — more than $40,000 less than a couple paid for it last year.
James and Gabriele Rudin, who are moving to Texas, said they knew they wouldn’t get the $389,900 they had previously sought for the 3,100 square-foot Tudor through traditional means, but hoped they’d sell it for about $350,000.
The bidding never made it that high. Real estate broker Joel Ervin of Auburn Hills outlasted other bidders and bought the house for an investor in the investment division of his company, RE Realty in Farmington Hills.
“I’m very surprised that we got it for what we got it for,” said Ervin. “It’s an amazing property.”
Only 1 percent of real estate is sold nationally at auction, according to the National Association of Realtors. And auctioned properties run the risk of selling for less than they’re worth.

Posted: 10|22|06 at 10:19 am. Filed under: Property News.