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BlueRose
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 Posted: Thu Mar 19, 2009 6:35 am |
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Joined: Tue Mar 18, 2008 5:17 pm
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Location: Michigan
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[font=Verdana] I have been looking at foreclosures going up for auction online, Does anyone here on the forum have any experience with these auctions? Many have a starting bid of $500 or $1000 dollars, what do they actually sell for? [/font]
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Murray C
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Posted: Thu Mar 19, 2009 7:39 am |
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I saw something about that on one of the Boston morning news channels last week. I recall one place that was valued at $250,000 went for around $75,000 (opening was $1000, I think).
Not sure if those are the exact correct figures, but certainly places went for a lot less than their valuations.
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Andygurl
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Posted: Thu Mar 19, 2009 7:04 pm |
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Joined: Fri Feb 09, 2007 7:08 am
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Location: USA
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With any kind of auction, be prepared to pay cash... usually they want 10% right there & then if not more. You will more than likely be bidding against home builders/investors, ect. that want the house just as much as you. Also with auctions, they usually plant someone there to keep out bidding you just to Up the ante.
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