Four-bedroom Houston home on auction website sells for less than $30

June 24, 2013 3:57:36 PM PDT
When you think about what you can buy for under $30, a house is not what comes to mind. Well, a local woman will soon move into a four-bedroom home she now owns, thanks to a $26 bid.

We first told you about the Penny Mansion auction last week on Eyewitness News at 10. Now we're introducing you to the winner.

Thirty dollars won't even fill up some pick up trucks. But this weekend, several hundred people signed on to a penny auction, bidding a penny at a time for a home worth over a $130,000.

Melone Isaacs, 25, is ready to move out of her apartment after winning this home in an auction for $26.12.

"My lease was up in September. I was looking for houses now, and this couldn't have come at a better time. I was like ooohh!" Isaacs said.

She was one of about 300 people, from several states who registered with startup auction site PennyMansion.com of Houston. Users must purchase reports to secure a certain number of bids.

Isaacs purchases four reports for about $130 earning her 32 bids.

"My heart was pounding so fast, I was like oh my god, everyone is bidding so fast. So I was like OK, let me wait a little bit," Isaacs said.

The auctions was over in an hour and she learned she made the winning bid on a 2,300 square-foot home with four bedrooms. She admits some friends and family were leery about her choice to use an penny auction site.

"I read the whole terms of service to make sure there was no other catches or gimmicks and I just went from there," Isaacs said.

Penny Mansion partner Tommy Allen says the penny auction model is proven business model and this was the company's first auction. He says Isaacs is exactly the kind of person they want to win the auction.

"I think she spent a little over a hundred bucks to participate in the auction and then she owes a check for $26.12 and then I owe her house," Allen said.

Though Isaacs never went and looked at the property in person, solely going by pictures on the website, she and her boyfriend plan to see the 2010 home soon, she's still trying to get over shock of having no mortgage.

"I screamed to the top of my lungs, I was like, 'Aaaahhh, thank you Jesus,'" Isaacs said.

Penny Mansions plans to hold another auction in 30 days.

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