NYC Foreclosure Auctions

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My limited experience is that anything except the Bronx seems not a bargain. And that was a few years ago. Maybe no more bargains in BX either. But I happily admit I never bought anything (due to above impression). Maybe I am missing something.

I have only been to a couple in Manhattan, but what I found was that the ones I expected to happen did not happen, and then there were two auctions of properties which I had not seen announced anywhere.  Since no one had heard about these, no one bid. The whole thing took 20 minutes.

What kind of proof of funds do you need for auctions? Can you use hard money lenders?

@Eric Telese It depends on the property and what the referee requires. Some allow cash, most require the 10% deposit to be paid with a certified check made out to the referee but there is no verification of funds. Hard money usually doesn’t fund the initial down payment but most of the foreclosures are closed using hard money loans.