Two auctions for performing notes on BigBidder.com ended recently with successful sales after receiving dozens of bids from a number of interested buyers, dispelling the myth that auctions only work for distressed assets. The two auctions yielded almost 40 bids combined, with Last Call®, our patent-pending bid extension process, lasting for days.
Both notes were performing loans made to purchase beautifully built K Hovnanian homes. The combined balance on the two loans was over $1 million. These were not troubled loans, and they were not going to sell at the steep discounts of 60% or more that often characterize distressed asset auctions. But in a market saturated with such assets, there are still many buyers who seek the relative safety that a performing note investment offers.
At BigBidder.com, you can find auctions for mortgage notes of all classes located across the country. Whether you’re looking for the upside potential of a heavily discounted sub-performing note, or the relative security afforded by a consistently performing loan, there is truly something for everyone on BigBidder.com.
