Foreclosed homes go on auction

March 7, 2009 8:42:01 PM PST
One person's misfortune can be another's opportunity, especially in this economy. Hundreds of people spent the day at the Valley Forge Convention Center, bidding on bank-owned properties.

In other words, homes that have been foreclosed upon.

"Banks do not want to own these homes; they are the business of making money, so they really want to sell these homes," Shannon Wilks of said.

The auction of 107 properties in and around Philadelphia and South Jersey was run by Experienced buyers had checked out their website and the properties on it ahead of time.

Angelo Marchasani had his eye on a waterfront home in Tuckerton, New Jersey.

The house was valued at $425,000. Bidding started at $159,000 and it sold for $325,000. By then, the Marchasani's had dropped out.

"I got two bids in and unfortunately, it went a little higher than I was looking for," Angelo said.

Despite the Marchasani's disappointment, other buyers picked up some good deals.

Real Estate broker Jules Mendelsohn, an auction veteran, bought two properties for half of what the auctioneer listed as their assessed values.

"We bought two properties in Germantown and hopefully, they are worth more than we paid," Jules said.

The auction company is holding several auctions like this in multiple cities each week. They expect to be back in our area in about four months.

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