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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (263124)	7/22/2010 3:57:17 PM
From: Broken_Clock	Read Replies (2) \| Respond to of 306849

Most areas allow the lien holder to exercise a "credit bid" at auction. The banks won't let a 300k note get discounted to some clown bidding 50k at auction. The lien holder in essence has an upset price of what is owed. Most folks figured that out in Hawaii and don't even go to the auctions anymore. Total waste of time. Tax auctions are different but have their own set of problems.

To: tejek who wrote (263124)	7/22/2010 4:05:00 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 306849

Both, vacant usually. By the time they're offerred for auction, the original homedebtors have been foreclosed on. Once in awhile illegal squatters will take up residence, but they're easily shooed away. One of my neighbors is trying to short sell a house he bought for 395K in early '07. Original price 3 months ago was 275K, it's already been knocked down to 235. If they get to 175, I may bid and make it a rental. Probably needs a new roof though.....