http://www.ushomeauction.com/auction_detai...auctionID=H-066

These are supposed to be previously forclosed on with free and clear title. I have not looked into it. I saw a billboard on the Mass Pike advertising it.

 

unfortunately it probably is.

I did hear stories about some of the auctions having several legal issues.
Auctions would be conducted before the foreclosure had been completed.
Buyers would pony up a substantial deposit at the auction to secure the sale but then it would drag on for several months without closing.

 

Yes Jerry, that is the typical scenario. But according to the web site, these homes have all gone through the forclosure or title surrender process and will be sold with a title insurance policy. I am amazed that so many homes have already gone all the way through the forclosure process and are all ready for sale at the same time.

 

why are you amazed Bill.. bad mortgages have been in the news for YEARS - give the fry cook a $500k mortgage and not check his income it

 

It's not even a case of bad mortgages being given out.
New Jobless claims are running > 500,000 a week.
The question is how long could they go without income and continue to make payments?

Many don't have even a 3 month reserve, never mind 6 months to a year which is needed in these economic conditions.


How long could you go?

 

how long without paying a mortgage does it take for a house to go into foreclosure?

me - maybe a month that is unless I could tap the 401 (not sure of the penalties) than I could ok for a while but I

 

What do you mean? Obama hasn't gotten everyone a job yet? WTF!

 

I believe what Bill is doing is attempting to buy up as many houses as he can before Obama introduces socialism and gives everyone's money to the poor.

 

Most of those funny money loans happened on the west coast, the south west and south east. I'm surprised to see so many in New England. Look at how many of them are all ready to be sold on the same day, in the same state of having gone all the way through the forclosure process, all liens cleared, and title insurance ready.

Typically, forclosures get sold off during the process, or shortly after they go on the market. Only a few of them all arrive on the market at the same time, ready to go. This list (remember, this is just one entity running this one day auction) demonstrates not only the huge number of local forclosures, but also the drop off of buyers in the market. I can only imagine how many other homes are in the exact same condition and how many are at some stage earlier in the forclosure process.

Another surprise is the decision to run an event like this at all. It really creates a scare in the general market. I think a lot of potential buyers see something like this and think "wow, now is not a good time to get into heavy debt. This could happen to me."