REDC foreclosure auction follow-up

[Rich Weese]

I posted a thread a week ago about an upcoming auction in Ft Myers by REDC (auction.com) I was out of the country, but my assistant was there to buy. We learned a couple things.
1. A much larger % of properties were declared sold than we thought there would be. (whether they close or not is unknown at this time)
2. There are definitely certain areas in SWFL that receive more attention than others.

We didn't buy anything, but were prepared, just not well enuff. We'll go next time more prepared. The last 2 Lee county auctions (mon& wed) saw a TOTAL of 7 properties sell out of 150-200. There were 10 times more sell at the REDC.
Maybe the sellers are becoming more motivated. To my knowledge, all of the properties were govt backed. I really think it may be worth your time to check these out in your area if you're into auctions. I'll be at the next one here. Rich

[Steve Babiak]

Rich,

The proportions you gave for your county are very similar for what just happened in my county. June 2010 had 586 properties listed (most of which were postponed for whatever reason); of those, 103 sold to the foreclosing lender and 6 sold to parties other than the foreclosing lender - I know at least one subordinate lienholder was among that 6. In July 2010, 589 properties were scheduled; of those 61 sold to the foreclosing lender and only 1 to a party other than the foreclosing lender.

If the market stays slow for re-sales, I'll bet that the numbers bought by the "other than foreclosing lender" will stay in decline.