World

Homes Sell Fast at Foreclosure Auctions

by cassy82 | October 14, 2009 at 09:46 am

34 views | 2 Recommendations | 1 comment

A federal program is helping a North Carolina city buy foreclosed homes for sale. The program provides funds to purchase and repair distressed properties in areas with a high number of foreclosure houses.

Houses in Kentucky that are slow to find a buyer or have remained on the market unsold for a long period of time are suddenly selling faster at foreclosure auctions.

Industry experts explained that potential buyers bid on foreclosure properties and once they won the bidding, a contract will be made immediately and the deal will be closed less than two months later.

However, things are not as simple as they seem. A foreclosure auction will be advertised with low starting bids such as $129,000 for a property worth $400,000 or a low $500 for a house valued at $102,000.

By Cassiano Travareli