Results tagged “foreclosureauction”

   

Yesterday, over a thousand people flocked to the Javits Center in hopes of landing a deal at the city's first home foreclosure auction. The NY Times, which said 1,400 were in attendance, described the atmosphere:

On the floor, four men called the bids, screaming, blowing whistles, thrusting their arms into the air and using their fingers to signal how much more was being offered over the last bid...

Continue reading "Foreclosed Home Auction Draws Bidders, Protesters"

Where else can you get a $500,000+ home for five figures? The Real Estate Disposition Corp. is holding a foreclosure auction for 375 homes in NY, NJ, and Pennsylvania at the Javits Center today. The Post explains that while the auction is free, "but buyers need a $5,000 cashier's check and valid ID. Only cash will be accepted for some homes." A spokesman told Crain's, "In the past, there weren’t enough foreclosed New York homes to hold an auction. This year I suspect that there will be a second and third auction in the city." While some of the homes may be great deals—this graphic shows a $740,000 house in Port Chester with a starting bid of $149,000—many of the homes are not in very good shape. And there is criticism of foreclosure auctions: A group will be protesting while Rep. Carolyn Maloney noted that the House passed a measure to make mortgage payments affordable, "In these tough economic times, we need to preserve the American dream, not auction it off."