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Lowest Home Bid Wins!
The real estate market may actually be worse in Ireland than it is in the United States. Home prices in Dublin are down about 50 percent since their boom years ended in 2007. Irish banks aren't lending, and buyers aren't buying, and home prices have fallen to their 2000 levels. One desperate Irish couple is resorting to a reverse low-bid auction to sell their house. Bidders will need to pay €30 ($39 US) to enter, and the winner (whoever bids the lowest amount that no one else has made the same bid) will walk away with a house worth about €289,000 ($381,000 US). The home owners need to attract about 11,000 bids to break even. The auction is open until December, 2012.
View Original Story @ www.thejournal.ie
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