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Houston Woman Buys House for $26.12 in New Twist on Penny Auctions (Poll)

submitted on June 24, 2013 by HouTex in "Sales / Promotions"
I never quite grasped the concept of penny auctions, so I avoided them even though I knew people were bidding and winning items for a fraction of their value. I just don't enjoy gambling, and buying the bids (which is how the sites make their money) didn't appeal to me. After reading the Buxr blog about how penny auction sites work, I decided they weren't something I would ever try.

But in today's news I saw a new twist on penny auctions, for houses!
PennyMansion -

A woman registered to bid and purchased $130 worth of bids for a no-reserve online sale of a three-year-old, four-bedroom, move-in-ready home. She won the 2,300-square-foot house for only $26.12!
The bidding is done online in penny increments (every time someone bids, the price of the house goes up one penny) under a 20-minute clock. The last bidder when the clock expires is the winner and must purchase the house for the final bid price within seven days.

According to the story at the link below, the house last sold for $131,000 and was expected to sell in the penny auction for $2,000, but as you can see, she really got a deal on a new house with no mortgage!

See video of the house here -

1. Would you try this?
 Sure, why not?
 No way!
 Depends on the item.
 or See Results 


  • 188040
    Posted by Brian on December 25, 2013
    [reply] 1 0 founder rumored to not have the technology in place before the auction even began and also rumored to have pre-selected the winner to help the press and media after the home was given to her. You can google Tommy Allen and look at his linkedin. Also, look at the company he says he worked for and then google it, it doesn't even exist and is a reseller for phone products. Also it appears the site is now shut down.
  • 188044
    Posted by YanBz on December 25, 2013
    [reply] 1 0
    If it's too good to be true, then it probably is.

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