Foreclosure Auctions Are Empty — And the Deals Are Piling Up

[Chris Seveney]

Recently we’ve had to foreclose and have gone to foreclosure auctions for property across the country — and the story is the same everywhere:

Hardly anyone is showing up.

That’s not just a figure of speech. At several recent auctions, we were one of only a few bidders… and in some cases, the only one. That kind of environment creates real opportunity — and we’re taking full advantage.

Just in the past few weeks:

• We bought a property for $20,000 (relisting for $100k and has interest)

• Picked up another one well below market value

Why is this happening? Some investors are sidelined by interest rates. People run out of money? Others are unsure how to navigate distressed assets. 

We are seeing this now as a rea opportunity. When auctions are quiet, pricing power shifts to the buyer.

If you’ve been waiting for a sign, this might be it.

Anyone else seeing these kinds of opportunities? Curious how others are approaching today's auction environment.

[Jonathan Greene]

Nice. I haven't been to the courthouse auctions near me in a long time because there was nothing there, and the same people every time. This is a good reminder to check the dockets and see what's out there.