Home Buyers Flocking Foreclosure Auctions
For most home buyers and investors, the current market conditions are certainly not as appealing as they were during the housing boom. But if you look closely at what the recent events have resulted to, you might find the investment opportunity you might have been looking for all these times.
Take for instance the many home buyers and investors who flocked the Cobb Galleria Centre last October 19 after finding out that there will be an auction for hundreds of foreclosed properties.
The said foreclosure auction was conducted by the Real Estate Disposition Corp. According to them, the attendees were a mixture of investors, first-time property buyers and other buyers who are hunting for additional homes to purchase. All these buyers were looking to enjoy the great return potential of these foreclosure houses.
Considering that it is a buyer's market, the good turnout is not at all surprising. Some buyers have actually been waiting on the sidelines for a couple of years now and have finally realized that their chance to enjoy considerable savings is at hand.
The REDC have been auctioning off foreclosure properties for some time now. In fact, last May, it has sold off 507 Atlanta repossessed properties, worth about $42.5 million.
Bidders at the auction were required to bring earnest money and must meet all the pre-qualification guidelines set by the sellers ? usually lending institutions or banks. Once the auction begins, there are numerous bidding assistants who would provide assistance to the bidders. With over 2,500 bidders, you can really expect such an exciting atmosphere.
Of course, not all the foreclosed properties were sold especially if the seller thinks that the highest bid is too low. When this happens, the repo home in question will simply be auctioned off again.
Home buyers looking for considerable savings will surely be delighted with auctions like this. One bidder was lucky enough to own a foreclosure home valued at $129,000 but bought for just $70,000.
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October 22nd, 2008 at 3:12 am
Hi,
Wonderful foreclosure information, thanks a lot for sharing your views…
November 3rd, 2008 at 8:01 am
The Financial Times has reported a sharp increase in the practice of gazundering. Homebuyers are taking advantage of the housing slump by asking for a cut in the property price at the last minute. It says that most of these offers are now coming in at minimum 10-15 per cent below the asking price!