this post was submitted on 12 Apr 2025
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"bid starts at X amount" is something they were too stupid for?
Starting amounts don't apply when you have a mob of farmers willing to kill you if you don't take the 50 cents.
So, nobody bids, bank still has land they can't use and no money, auctioneer gets shot in his sleep.
Would never work today, of course. Redfin or Zillow would take any offer.
Pressure to do the human thing is way harder to apply to the people making the decisions are far away and when they can hide behind faceless corporations answering to faceless investors that are also far away.
It can be done, and it has been done, but it's not really a practical long term solutions to a systematic problem.