The Builder’s Magazine reports that Silverwing Development intends to auction twenty-two single family homes this weekend. The properties are part of The Cottages & Laguna Terrace developments. Opening Bids start at $79,000. The auction will be held at The Peppermill Hotel Casino on Sunday October 4, 2009.
According to the story the developer will "employ SOLD2U to reduce it’s standing inventory…[and] will allow the developer to sell out and substantially reducing carrying costs, marketing time and exposure to vacancy liabilities."
“All bidders are required to be pre-qualified with a Seller’s Preferred Lender, either Bank of America or MetLife Home Loans, prior to the Auction, including those Bidders who wish to use another lender for their purchase. Registration is required to attend the auction.”