Hat tip to John for sending this in!
We’ve wondered if buying at the trustee sales might get easier some day, and to have open bidding on the internet seems like a natural progression. You may have seen this at Mish’s site, but if not, the article linked here describes some of the problems folks have had when buying at the trustee sales in Florida – from the Miami Herald:
A new online foreclosure auction system started with a mission of quickly moving a chunk of foreclosed properties while opening up the bidding process to regular folks.
A little more than a month later, some of the newcomers who bought property online say they were misled by the site and ended up spending thousands of dollars on condo liens and properties laden with hefty mortgages.
Miami-Dade County Clerk of Courts Harvey Ruvin said the online auction process is working as planned, and the few complaints he has received have come from people who did not take the time to understand the process.
The site has sold more than 1,500 homes in its first four weeks, with buyers hailing from all over the world. The clerk expects the number of homes sold each week to continue to rise, eventually reaching as many as 2,000 a week, a pace that will help cut into the cumbersome backlog of more than 100,000 foreclosure filings.
Those who have lost money point to the disconnect between the website’s buyer-beware disclaimers, and the county’s attempts to promote the site as simple and straightforward “just like eBay.’
There have been 2,109 trustee sales completed in the last seven weeks in San Diego County. Wouldn’t it be nice if we had an auction website, and were selling 500-1,000 per week?