The REDC foreclosure auction is coming to town again. They’ll be back at John Ascuaga’s Nugget in Sparks on Monday, September 14.
For those of you who have attended this in the past, you know it’s a pretty face-paced event. Presently there are only 21 properties listed on the site, but more will be added daily. I noticed that some of these properties have a starting bid of $500.
Also, according to the auction organizers, the First-Time Homebuyers Credit is applicable to homes purchased at auction.
For more info and to see the properties on the auction block click Auction – Reno, Sparks and Surrounding Areas
Related posts:
March 24, 2009 – The Auction is coming to town again
January 12, 2009 – Huge Foreclosure Auction Event
Martin
The NOD total cracked 1000 for the month today. 1005 so far with two more business days to go. Looks like this will set the monthly record so far.
Shilo
The number of TDs that are recorded is only about 30% or so of the number of NODs. Can you imagine what this market would be like if 80% or 90% of NODs ended up going all the way to foreclosure?
That’s a very ugly thought to contemplate if you are hoping for price stabilization. If you believe that falling prices are actually the solution instead of the problem, then I suppose you would hope the approximate 70% of NODs that never go to sale start to come out of limbo.
buygold empireindecline
Geeze,
And I thought all agents were pure as the driven snow (no offense Guy):
http://www.lasvegassun.com/news/2009/aug/26/unflattering-time-story-puts-agent-hot-water/
“In the story, Brooke Boemio — “a bouncy, sweet, recently remarried 31-year-old mom” … helps Stein break into a foreclosed home and brags about helping clients who are underwater on their mortgages buy a second house on the cheap and stop making payments on their first mortgages, pressuring the bank into selling the houses for a loss. Everybody’s doing it, she says in the story. In fact, she said, she did it herself.”
Alas, I used that “everybody’s doing it” line in high school, but to no avail 😉
Guy Johnson
buygold empireindecline,
None taken.
john R
well… I made a CASH offer on a unit I like. If the bank can’t get they’re sh!t together and give me a response.. I will just walk.
bob c
i’m going to be moving there in a few months
and have all cash—-probably a condo because
it’ll be an off and on living (single–semi retired)
i like fallen leaf from the photos (but the upside
down property taxes—and every homeowner being
upside down might be depressing if not dangerous)
fleur de lis looks nice, but is neighborhood okay?
dwontown isn’t usually my cup of tea, but i’m
going to look or maybe just a small home at sommersett (not del webb)
any other ideas? you guys seem right on the cutting edge
i could buy a big home, but its i’m solo so i
want to tone it way down and do little maintenance
oh yea…all cash
thanks!!!!!!!
bob c
what complex john?
Martin
bob c,
Fleur de lis may have some construction issues. I think perhaps Mike may have some info about that. Also, I suspect there are just as many upside owners there as in Fallen Leaf. Fleur de lis has seen some major value deterioration. Might want to check out how many REOs and short sales there are there.
Somersett has seen 50% declines on some properties. The higher end there seems certain to see more declines. The lower end there may be where a careful buyer might find a decent deal. But the word is careful. I think there is still more pain to come for Somersett. New price reductions hit the MLS every day in Somersett.
john R
I will let you know bob AFTER I hear back from the bank.
MikeZ
I assume spectators are welcome at the auction? I’d like to see this, up close, for myself, but I have no intention of bidding nor buying right now.
big baby
That’s because you have no balls mike.. oh yea and you are broke.
billddrummer
To big baby,
Oh cut it out already. We all know you’re sitting on a pile of cash waiting to move into Montreux.
Just keep your slimings to yourself.
big baby
Montreux? haha .. thanks but no thanks
sorry but northern nevada isn’t THAT desirable..
plenty of other places in this country I would rather spend that much on a house..
WorriedGuy
Yeah what areas? Been thinking this for quite sometimes myself. What say you.
MikeZ
Guy, are spectators welcome at the auction?
Guy Johnson
Mike Z,
Yes, as long as space permits. Registered buyers get priority.
Btw, there has been space for spectators the last couple times.
Gary
I went to the auction this company had last April. My impression was that the selling prices were still a little high for investors just looking for a chance to make a fairly quick turnaround. With the handful of properties I toured rather quickly, I didn’t feel the final price at auction was low enough to compensate for the inherent risk of the “as is” condition of sale in addition to the shortcomings of the properties that were obvious. If you’re looking to flip, you still have to sell into a very weak market, and any time that whole process takes carries the additional risk of the market falling even further.
Anyway, it was an interesting distraction for me, and I may even go again this time, but I’ll go out on a limb and predict that this isn’t our last home auction in the Reno area. I’ll let you ambitious go-getters have the really good deals this time around.