Foreclosure Auctions
The opening bid at a foreclosure auction is based on the total amount owed on the property. Before you make a bid, be sure that your price is comparable to other homes in the neighborhood. Also remember you may have to put additional money into the foreclosure for renovation.
Due to financial issues, most people want to get rid of their foreclosure property quickly. Banks do as well, as the longer these homes sit on the market, the more it hurts the bottom line. As real estate owned (REO) inventory continues to grow, banks are increasingly selling foreclosed properties at auctions.