There has been major auction action this week, as bidders eager to profit from a large inventory of foreclosed homes converged on two large home auctions in New York and Massachusetts.
On Sunday, some 3,000 people came to the Jacob Javits Center to bid on about 350 foreclosed homes being auctioned off by USHomeAuction.com. The homes were discounted by at least 70 percent from their original prices, with one Mount Vernon, N.Y., home valued at $340,000 selling for $135,000 and one Newburgh, N.Y., home valued at $125,000 going for $60,000, says NBCNewYork.com.
Meanwhile, in Boston on Saturday, about 200 homes were on the auction block, with bids from $500 to $199,000 for homes ranging in value from $79,000 to $784,000, according to WBZTV.com.
Homes in both auctions were sold "buyer beware," as many were fixer-uppers with problems like mold, water damage and vandalism, the websites say.
There are several auctions scheduled this month, with auctions set for the Washington, D.C., area for this week, for instance. Visit USHomeAuction.com to check for home auctions in your area.
Coming up on the blog: tips on buying a foreclosed home and what to look out for when bidding on a home that's been vacant.—Lauren Baier Kim