Bidding for 4-Bedroom, 2-Bath Home Starts at a Penny

A 4-bedroom, 2-bath Arizona home with wood-burning fireplace, appraised at $125,000, is being auctioned for bids of a penny each, in what the promoter believes is the first auction of its kind on the Internet. Penny auctions for electronic and other kinds of consumer goods are already common. But this appears to be the first such auction for real estate. Bidding opened last week. An open-house on Sunday sent offers skyrocketing from Friday's high of 5 cents to today's 15 cents. Todd Talbot,...Full Story
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