A reader noted that yesterday was an active day for trustee sales.  But unlike last month, when I got snookered into thinking something was afoot, I went right to the auction.com website. 

Yep, yesterday they conducted their latest installment of ‘trustee sales by ballroom auction’ – link here.

I can relate to what they are going through.  Bank of America and others are dumping some of their worst properties on them – only two of the 117 properties were over $400,000, and the majority were under $200,000.  There was also plenty of postponements.  Of the 117 on the list, only 30 were sold – they postponed 58, and cancelled 29.

If you are looking to pay cash for cheap properties, and don’t mind buying without title insurance and inspections plus evicting the occupants, this might be for you.  At least the parking is easier, and you won’t be tripping over the bums and hobos downtown.

But it is run by the same REDC auction house that has been exposed here previously.

Overall yesterday there were 68 trustee sales conducted throughout the county, with 38 properties being purchased by 3rd parties, and 30 going back-to-bene.  It brings October’s total up to 672 trustee sales, with three days to go.  In September there were 754 successful trustee sales.

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