A 4-bedroom, 2-bath house in Arizona, 1-cent online auction

A 4-bedroom, 2-bath house in Arizona, 1-cent online auction A 4-bedroom, 2-bathroom home with a wood-burning fireplace in Arizona is valued at $125,000...

A 4-bedroom, 2-bathroom home with a wood-burning fireplace in Arizona is valued at $125,000. It is now being auctioned for 1 cent. This promotion is believed to be the first of its kind online auction.

>ABC News reported that one-cent auctions of electronics and various other consumer goods have long been common, but this seems to be the first time that real estate has been auctioned for one cent.

>Bidding began last week.

After the house's open house on Sunday, the asking price "skyrocketed" from 5 cents on Friday to 15 cents.

Talbot, creator and owner of iBidForAcent.com, said the 1,749-square-foot home is a fully furnished, move-in ready home. He bought it at a foreclosure sale in January for NT$81,000 and spent another NT$20,000 on improvements. The bedrooms and living room have new carpet, new paint and new fixtures, and the kitchen has new cabinets, granite countertops and appliances. This one is located at 6214 West Acoma Drive in Glendale, Arizona.

Asked if he was disappointed that the highest asking price was still 15 cents, Talbot said, "It's still too early." The auction will end at 5 pm Arizona time tomorrow (13th). He said many of the bids were made last. "We have people from all over the country registering."

At 5 pm on the 13th, "the public bidding will end, and then a 20-second extended bidding will begin. If someone bids during this 20-second countdown, the countdown will start again." 0 seconds, until no one bids within 20 seconds, the highest bidder will win."

The reserve price of this house is 2,750 yuan, which is the lowest price it can be sold for. Talbot predicts that the final transaction may be as low as 5,000 yuan.

Since there was a minimum price, Talbot said, "I was a little scared that no one would bid." So he launched some incentives. The person with the most bids will automatically receive $15,000, while the second-highest bidder will receive $5,000.

Talbot also makes money by selling bid packages. These bid packages, ranging from 60 yuan to 6,000 yuan, are used to bid online. And every time you bid, you have to pay a fee of 60 cents.

If the penny home auction proves successful, Talbot said it will expand to other cities, including Dallas and Las Vegas.