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Make Offer

What does Auction terms, make offer mean on a REO listed in the MLS?

A home listed in the MLS in my area has the remarks "auction terms, make offer" on the listing. What does this mean? Also this home has been on the market for over 200 days. Could this be a reason why it has not sold?

Not sure if link will work if you want to see!

http://realestateofvictorville.com/mls.htm

I will make an educated guess.

The list price is the minimum offer, but is has to be a strong offer, like 100% cash.

They will look at other offers, but are obviously not accepting anything low-ball.

It could also mean (doing this a lot in CA) that they are collecting offers. They collect all offers for about 2 months time. Then they call each of them up and say something along the lines of "...there are multiple offers in the house. We are deciding which to accept in 4 days. You have 2 days to submit your highest and best offer." Hell will freeze over before they disclose what the top bid is, even to the top bidder who hears the same old song and dance.

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