GLENDALE, AZ - A formerly foreclosed home at 62nd Avenue and Glendale will likely sell for pennies on the dollar.
Investor Todd Talbot bought the home for $80,000 and put in $20,000 in upgrades.
Rather than flip it, he created his own penny auction where the starting bid is one cent.
"It is the first time I'm aware of a home being sold on penny auction," he said. "Normally it is for other kinds of products like iPads."
The website is Ibidforacent. Bidders can only bid in one cent increments.
The only real catch is that you have to pay a 60 cent fee each time you bid.
That is how Talbot makes money on the deal. The minimum amount that he will sell the home is for $2,750.
He expects the home to sell for less than $5,000.
"I'm very excited," said Talbot. "Someone is going to get a fantastic deal."
Open bidding continues through March 13th.
The bidding will then go to "extended bidding."
That will take place in 20 second increments.
The auction will end once there are no bids during a 20 second bid period.