Bank Foreclosures Information

More than 150 foreclosure homes will be sold in the July foreclosed home auctions to be held by auctioneer Hudson & Marshall in Las Vegas, Reno and Denver.

All properties in the foreclosed home auctions will be sold in an as-is basis, so prospective buyers are advised to inspect the foreclosure properties before participating in the auction. Also, some of the properties listed for the scheduled foreclosed home auctions may already have been sold, so prospective bidders are advised to get updates on the foreclosed home auctions.

At the foreclosed home auctions, bidders need to register before the auctions begin and successful bidders will need to pay $2,500 in certified check or cash as a deposit for each property they won in the bidding. Auctioneer Hudson will pay the costs of title insurance for all foreclosure properties.

The Denver foreclosed home auction at the Gateway Park of the Denver Airport Marriott will sell 23 homes while the Durango auction at the Doubletree Hotel will sell 3 homes. The Reno auction at the Holiday Inn Reno-Sparks will sell 16 homes while the Las Vegas auction at the JW Marriott Las Vegas Resort will sell 119 homes.

In Hudson & Marshall’s July auction in Nevada and Colorado, the Las Vegas foreclosed home auction has the biggest number of homes to be auctioned off. Las Vegas has suffered a lot of foreclosures since the housing crisis began.

In a nationwide survey of city foreclosures in the first quarter, Las Vegas had the highest city foreclosure rate – one unit in every 22 housing units receiving a foreclosure action. The rate is equivalent to nearly 5 percent of total households in the metro area, which is more than sevenfold the average national foreclosure rate.

In the first quarter, more than 35,000 residential properties in the Las Vegas-Paradise metro area were hit with foreclosure actions, representing a jump of more than 100 percent from total foreclosure filings in the area in the first quarter of 2008.

The city of Reno had nearly 4,000 foreclosure filings in the first quarter, equivalent to the foreclosure of one housing unit out of every 47 housing units.

While Denver was not among the top 25 cities battered by foreclosures based on first-quarter data, Denver has been experiencing an uptick in foreclosures because of the statewide economic difficulties.

On the whole, prospective buyers can take advantage of opportunities in the July foreclosed home auctions in Nevada and Colorado as long as they inspect the properties first before they participate in the auctions.

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It used to be that homebuyers looking for bargains flocked to foreclosure listings auctions because they know that they could find good property deals. But Florida homebuyers are discovering that this is not the case anymore. Good deals no longer abound in foreclosure listings auctions

This is because banks include in the bid amount the mortgage owed to them, attorney’s fees and whatever expenses incurred during the foreclosure process.

And most of the time, the bid amount is higher than the market value of the house itself, taking into consideration the rapid decline of property prices.

According to First American CoreLogic, a real estate data firm, home prices in Gainesville, Florida declined by 7.5 percent from December 2007 to 2008. During the period, about 18 percent of distressed homeowners in the area owed mortgages more than the total fair market value of their properties.

Also, 6 percent of distressed homeowners were nearly 5 percent of owning more than the real worth of their distressed homes.

Florida is one of the top 10 states with a growing foreclosure listings. It is predicted that the number of homes in the state’s foreclosure listings could increase by 100 percent for this year.

Meanwhile, some foreclosure listings auctions in Florida were cancelled because troubled homeowners declared bankruptcy, were able to negotiate an affordable payment plan, refinance, were able to update their payments or sold the home in short sale.

Homeowners who go through foreclosures went to a courthouse auction. If nobody bids for the foreclosed property, the bank will offer a token bid of $100.

Homes that were not sold during auctions will be added to a growing foreclosure listings of unsold homes and may further drag down home market values.

Foreclosed properties that remained abandoned and vacant for a long time also contribute to the deterioration of neighborhoods.

Currently, there are 57 bank owned foreclosure listings and short sales in Alachua County. These figures represented 3.7 percent of the total 1,551 residential houses for sale.

In 2008, about 27 bank owned properties and short sale were put on the market. For this year, 30 new foreclosure listings were added in Florida.

Foreclosure filings in Gainesville area increased by 50 percent from January of last year to the same month this year.

Foreclosures continue to spread in populated neighborhoods of Gainesville, particularly in southeastern and northeastern.

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Wisconsin foreclosures have been climbing steadily since 2005. The trend spawned foreclosed homes auctions conducted weekly and attended by homebuyers who are hoping to find houses at bargain prices.

At Douglas County Courthouse, weekly foreclosed homes auctions were quick and cordial events attended by bargain-hunting homebuyers.

According to Deputy Dan Lindberg, foreclosure auctions were also witnessed by bankers and lawyers.

People familiar with foreclosed homes auctions held at the Douglas County Courthouse said that a good buy deal is not that easy to find. Usually, minimum bid amounts are required for each foreclosure property. The minimum bid amounts include the principal, legal fees and interest rates owed

Attorney Steve Olson of Maki, Ledin, Bick and Olson noted that majority of properties in foreclosed homes auctions priced more than its true market value.

He added that in cases where foreclosed properties are auctioned, the banks will bid what is owed.

In foreclosed homes auctions, banks have the option to sell the homes themselves or negotiate with local real estate brokers about putting them on the list. Major banks usually hire asset companies, such as Century 21 Gilderman and Associates to sell the foreclosed homes.

Under the Wisconsin law, former owners of repo homes still have 10 days after the court confirmed the sale to purchase back the foreclosed properties.

Lindberg cautioned that buying foreclosed homes have its risks. He pointed out that foreclosure properties are auctioned on as-is basis and open house showings before the sale are not allowed.

He explained that potential homebuyers cannot inspect the foreclosed homes because most of the properties still own it.

Some of the common problems that homebuyers will encounter in foreclosed homes purchased in auctions are frozen pipes and busted pipes.

Foreclosures in the state are growing rapidly that some weeks, Sheriff Tom Dalbec signed more than 40 foreclosure sales.

According to data provided by the Director of State Courts Office, foreclosure filings in Douglas County Circuit Court rose by 12 percent in 2008 from 2007. However, the increase was lower than the average rise of 21 percent, statewide.

Out of the 206 filings made in Douglas County in 2008, 107 went into foreclosure proceedings, 75 were dismissed while two remained open.

The total number of foreclosure filings for the period ended March 11, 2009 was 49 and majority of them were filed by national mortgage lenders such as US Bank and Countrywide.

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Both first-time and expert homebuyers flocked to foreclosure auctions knowing that these are places where they can find cheap houses for sale.

A foreclosure auction in Roselle, New Jersey was attended by potential homebuyers who hoped to find cheap houses for sale that they could purchase. For example, in an auction of 375 foreclosure properties, one house with seven bedrooms and five bathrooms, estimated at $565,000, received an initial offer of $129,000 and was sold at $245,000, less than half of its fair market value.

At Jacob K. Javits Convention Center in New York, about 1,400 potential homebuyers attended cheap houses for sale auctions. The attendance was bigger than the previous year’s first foreclosure auction of Real Estate Disposition Corp.

The increase in the number of auction goers is attributed to the continuing rise of foreclosure rates and the abundance of cheap houses for sale.

Real Estate Disposition Chairman Robert Friedman said that the economy and foreclosures are currently in their worst conditions ever.

He added that the list of cheap houses for sale in the company’s portfolio is growing every day, and foreclosure rates are unprecedented since it started its auction business 19 years ago.

Real Estate Disposition is hired by financial services institutions to handle cheap houses for sale at auctions. In 2008, the auction house held about 300 auctions and for 2009, expects to host an estimated 400 foreclosure auctions.

According to Todd Gladis, vice president of Real Estate Disposition, every potential homebuyer has a role to play in helping reduce the number of foreclosed homes.

In foreclosure auctions, homebuyers are required to pay upfront an equivalent of 5 percent of the property’s total sale price. They are also required to pay cash or issue a personal check for the unpaid balance of the down payment. The remaining balance could be paid through financing with the help of mortgage specialists.

Auction houses usually add a fee of 5 percent to the final sale price of each foreclosed property that has been sold.

Foreclosure auctions attract three types of audiences. One group is composed of experienced bidders who earned their living purchasing, repairing and selling foreclosure homes. The second group is made up of first-time buyers while the last group is composed of people who just want to witness the whole auction process.

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