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 http://www.buxr.com/blog/2012/.....ion-sites/
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 - http://www.pennymansion.com/
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 - http://www.pennymansion.com/page/in-the-news