It seems there is a never ending supply of foreclosed homes to auction. While it can be difficult to figure out exactly the number of properties sold at foreclosure auctions, it is difficult to dispute that the number of foreclosed properties for auction is not rising. Auction events are auctioning off up to 100 properties or more at a time providing bidders with great choice and fantastic bargains.
For example, recently at a Chicago foreclosures auction a property for sale in Chicago’s hip South Loop region, a young first home buyer snapped up a one bedroom, one bath apartment with heated parking and views for just $105,000 which was $62,000 less than the previous listed price. On other occasions auctioneers cannot garner bidding interest at $7,000 for properties, such is the choice available to smart buyers. Most sales of foreclosed properties are 30-50 percent below the already heavily discounted prices. Some properties are sold at even larger discounts.
And from all reports, auctioneers, lenders and builders are gearing up for more growth in foreclosed home auctions in the coming months. With interest rates at historic low levels, buyers have never had a better time to purchase real estate at such low prices. Mostly it has been first home buyers and veteran investors taking advantage of the spate of foreclosed homes for sale.
