Home foreclosure raises bids at auction

March 23, 2009 4:10:26 AM PDT
Foreclosures are providing opportunities for potential buyers flocking to home auctions.This weekend at the Raleigh Convention Center, organizers displayed pictures of available properties as a room full of prospective buyers looked for bargains at another auction of foreclosed homes.

"With all the visuals, they keep you informed about what's going on and the process was pretty easy to follow," home shopper Ron Wilkins said.

But shoppers also found out there is more to it than just bidding.

"I was, before I found out that you need a certain amount down before you can even get in to bid," home shopper Jonathan Williams said. "It was some really great deals in there. It's just that you had to have information before you came in, to know about what you had to put down, reserve and stuff like that."

And lots of that info is provided in rapid fire bursts, by the auctioneer.

"Right, he's pretty fast," Wilkins said.

Which is just one of the things that could intimidate a beginner at auction, but there is help online for people who would like to bid next time.

"The ushomeauction.com or auction.com Web sites are phenomenal resources for people to get educated about that." Real Estate Disposition Corporation Vice President for Auctions Trent Ferris said.

For more information visit auction.com's Web site at www.auction.com.

Ferris knows the slumping economy means more homes wind up in auctions each day.

"It's really a sad situation, and that's why we see ourselves as kind of a silver lining in this foreclosure crisis," Ferris said.

He says he knows the prices motivate many who can't buy now, but say they'll try again at future auctions.

"I can tell you that we're forecasting to sell about 15,000 more homes across the auction block this year than we did last year," Ferris said.

"I think in about three months, they said, another one," Wilkins said."I think I'll be prepared for that one!"


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