I went to my second real estate auction Thursday last week. Very interesting. Fast-paced. Loud. Well run. My bidder was after a 35-year old three bedroom, two bath home in Glendale (AZ) that had been foreclosed on by the bank. 1300+ s.f. She had previewed the property so she knew pretty much what it was worth. Her budget allowed her to bid as high as $70K - it sold for $80K. I think the bidding must have taken about all of 45 seconds. Her objective was to purchase it as an investment property - it needs some work, and some appliances and will likely rent for $900+ a month.
She'd bought a property at auction earlier in the month that she'll live in. Ended up winning the bid for $155K - plus 5% in selling costs. Last week it appraised for $180K - so she's pretty happy. It's a good buy.
Lots of properties - in a variety of conditions - at below market prices. Consider a look at http://www.ushomeauction.com/.
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