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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MulhollandDrive who wrote (85168)8/14/2007 11:07:03 AM
From: TradeliteRead Replies (1) of 306849
 
I'm waiting for someone to write a story describing how these sales on the courthouse steps are going--whether anyone is actually bidding on the properties.

In the past, very few properties actually sold at these auctions, and the bank was always there to make the "winning bid" (from what I've heard from people who attend). Of course, you might not know the bank is the one-and-only bidder, because I doubt anyone stands up and identifies himself as a bank rep.

Obviously, if the foreclosed borrower didn't have any equity in the home and his outstanding loan is 100 percent of the value of the home when it was first purchased, the courthouse auction is not a fabulous deal. Given the number of 100-percent loans taken out in the past several years, I doubt many of the properties are bargains.
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