Classic House of the Week: 906 Olive Street and the Auction That Just Won’t End

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Update: Another upset bid was filed July 17; I think it’s the 10th, but I could have missed one or two. The current bid is $252,000. The outbid period will end on July 27, unless another upset bid is filed by then.

906 Olive Street is a nice little Fisher Park house. Built in 1938, it has four bedrooms, two bathrooms, 1,938 square feet. It has a smallish front porch, gray shingle siding and a couple trees in the front yard. It’s a little on the modest side for Fisher Park. There have been a few more or less similar houses for sale in the neighborhood recently. It’s in foreclosure, also like a few others recently. Nice but not especially remarkable.

Except: It went up for auction on June 6, and, three weeks later, the auction is still going on. A bid was accepted on the 6th, and that’s usually how these things end (if anyone bothers to bid at all). Under North Carolina law, though, for the next 10 days, anyone with enough money can come along and make an upset bid at least five percent above the previous bid. So far, six upset bids have been filed. Each bid resets the 10-day clock. The latest bid was on June 22, so this thing will drag on into July (weekend days do count in the 10 days, but if the 10th day falls on a weekend or holiday, the upset period is extended to the next business day).

It’s easy to see why the bidders are scrambling. 908 Olive was last sold in 2006 for  $276,500. The would-be winning bid on June 6 was only $142,802, a terrific bargain for a nice little house in Fisher Park. A bargain too good to be true, as it turned out. The first upset bid was $150,000. The latest, by the original high bidder, is $191,467.50 ($99/square foot), still a very good price but not quite the steal it might have been.

If you’d like to take a shot at this one yourself, your bid will have to be at least $201,040.88, according to the court file. Roll on down to the Clerk of Court’s office (before anyone else does) with a certified check for five percent of your bid, and you’re in the game.  If you’re successful, though, be ready to pay the other 95 percent within 30 days. The court doesn’t wait around for mortgage applications to be approved.