Real Estate Auctions…Not Over Till It’s Over

Investors and home buyers seeking bargains have been going in droves to real estate auctions. The number of bank-owned homes taken to the auction block, particularly in high-foreclosure states like California and Florida, is increasing dramatically. On Feb 8 through the 9th, Hudson and Marshall, the real estate auction firm, is scheduled to auction approximately 250 homes in Anaheim, CA alone. However, bidders beware: banks are not obligated to accept the highest bid. Often a bargain seeker leaves an auction believing that the deal has been sealed with his deposit after placing a winning bid, only to find out later that the offer was not accepted by the bank. In these cases, the bank will typically attempt to negotiate with the highest bidder. If an agreement cannot be reached, the deposit is returned via mail. Nevertheless, there are buyers who do their research and are successfully acquiring properties below market. See our Blogroll on the right of the screen to find real estate auctions in your area.


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