Homebuyers Flocked California Foreclosures Auctions

By: Joseph Smith

Auction firm Real Estate Disposition Corp. has started its five-day foreclosures auction tour in Northern California. Droves of homebuyers who are lured by low home prices flocked to San Jose, the first stop in the auctioneer’s auction tour.

Most of the foreclosed homes sold in San Jose City have been deserted and are in decrepit condition.

Real Estate Disposition plans to auction over 1,000 distressed properties, including townhouses, condominiums and multiunit dwellings.

According to Real Estate Disposition executive vice president Walter Skrzynski, the current market condition, with its low interest rates, is conducive for buying low-priced houses and selling them at high prices.

Homebuyer Katherine Pensa observed that foreclosed homes were sold briskly and in such a short time. She said that she had purchased a home, with the original market value of $412,000, for only $167,500.

Potential homebuyers are required to bring with them a cashier’s check amounting to $5,000 and cash for the 5 percent down payment. All houses in the auction are sold on as-is basis and once the homebuyer has signified his interest to buy and made the required payments, the deal is final.

There is just so much excitement at the auction that sometimes homebuyers got confused and mixed up their bids. A gatekeeper is available to assist the winning bidder who is given only ten minutes to change his mind about the deal.

Real Estate Disposition operations logistics manager Jose Robles explains that the company wants homebuyers to know what they are getting into before they closed the deal.

Meanwhile, Robles explained that Real Estate Disposition has discontinued selling foreclosure properties that are occupied. He added that it is the responsibility of lenders to vacate previous owners of the properties before they are sold.

Prospect Mortgage loan officer Suzann Bowman suggested that homebuyers hire real estate agents, especially during auctions, to help them in making decisions about the properties they plan to buy.

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Joseph Smith has been educating buyers on the finer points of San Jose Foreclosure Properties purchase at FindForeclosureProperties.com for over five years. Click here to visit and read more advice on finding Foreclosure Properties.

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