Welcome! My friends at Business Insider publicized the open bidding event today:

http://www.businessinsider.com/southern-california-home-auction-2012-11

We listed this 1,541 sf house on November 2nd for $399,000, based on these model-match sales:

$360,000 – July, 2012

$350,000 – August, 2012

$380,000 – September, 2012

$390,000 – September, 2012

$399,000 – October, 2012 (short sale in progress)

We had five bidders, and ran the sales price up to $411,500 using this open-bidding process.

For those new to bubbleinfo, here is the full video:

The 2,007sf house right next door closed for $350,000 a month ago, on a fraudulent short sale. The buyers of that home strategically defaulted on their old home three years ago, and now got back in the game, thanks to FHA. But I got our appraisal to come in at $411,500!