Saturday, June 23, 2007

240+ Homes Up For Auction In Northern California

From News 10. “More than 240 homes repossessed by the lenders in the Central Valley and Bay Area will be sold in a three-day auction beginning Saturday in Sacramento.”

“At first glance, the foreclosure auction appears to be a bargain hunter’s dream. In some cases, the opening bid starts at well under half the price of the property’s recent market value.”

“For example, the starting bid for a one-year-old home at 10216 Shoech Way in Elk Grove is $279,000. Property records show the house sold new last year for $620,000.”

“Foreclosure specialist Alexis McGee says…the buyer must be careful. The excitement and competition at the event can drive the price beyond the fair market value, she said.”

“‘Create a maximum bid sheet for every property,’ McGee advises. ‘Walk when it goes over your top price. Do not get personally connected to any house. There is no reason to get caught up in a bidding frenzy.’”

“Buyers need a $5,000 cashier’s check to register, and properties can be financed with as little as 5 percent down. But some of the homes in poorer condition require a 30 percent down payment.” read more >>

From Ben's Blog: At What Point Will It Be Worth Looking At An Auction? for some great comments and opinions. There is also a video from channel 13 covering this story.

If you are considering buying a house at an auction, be sure to see this YouTube video on How Not To Bid.

REDC sold more than 265 properties in San Diego, Los Angeles and Riverside during two weekends in May, and is planning to hold another auction in Atlanta on July 7.


1 comment:

Chris said...

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