Word: auctioner
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...There's no denying the opportunity. In a typical year, about 1 million houses get auctioned off at county courthouses across the nation, but this year that figure is on track to double, thanks to malaise in the residential real estate market. In San Joaquin County, Calif., to take one example, there were 1,283 houses put up for auction last year. This year just through August there have been...
...Consider that courthouse auction. When a homeowner loses a house to foreclosure, the property is publicly auctioned on the county courthouse steps in an atmosphere that's often chaotic and crowded with lawyers, bank representatives and onlookers. A folio number is called and the bidding begins. Within a minute, the whole thing is over and the house has a new owner, who has to pay for his purchase with cash, sometimes...
...Investors who buy houses at public auction can see a 25% to 35% return on their money - but with that comes the reality that the house is sold as is. That might very well mean that a family is still living there (get ready to start eviction proceedings), that there's a second mortgage no one bothered to mention, or that the house is in major disrepair (forget about arranging an inspection before an auction). "This isn't for novices," says Todd Beitler, co-author of The Complete Idiot's Guide to Buying Foreclosures. "There's a lot of research...
...slightly less risky way to play foreclosures is to pounce before a house even makes it to auction. When foreclosure proceedings start, a notice of default is filed at the local courthouse and often runs in the newspaper, as well. Potential investors can also buy access to listings on web sites such as Foreclosure.com, RealtyTrac.com and ForeclosureNet.net...
...TIME: At your press conference in New York after the McGwire auction, you said you were the guy with more money than sense. I guess you had a bit more sense than you were letting...