Updated 03/22/2009 02:29 PM
Dozens of foreclosed homes sold at auction
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RALEIGH – The struggling economy has kept hundreds of homeowners from paying their mortgages, which has forced them out of their homes and many of those homes into foreclosed home auctions.
More than 60 foreclosed homes in the Triangle and Myrtle Beach area were up for auction Sunday. Potential buyers traveled from all over eager and ready to bid.
Jonathan and Amber Parker made the trip from Greensboro to the Raleigh Convention Center. They had their eye on one particular house to make their first home.
“It's pretty and the starting bid is only $79,000,” Jonathan Parker said. “That doesn't mean that's what it's going to sell for, but who knows what's going to happen?”
The Parker’s are new to the auction scene as a majority of the nearly 500 attendees were, but with the state of the economy, auctioneers said auctions could be the next trend for the market.
Trent Ferris, the vice president of auctions for Real Estate Disposition Corp., said in other countries auctions are they way real estate business is done.
“For us it's not anything new, but yes, it is a new mindset here in the United States. And I think what people are really learning is [that] this is a really good way to do it,” Ferris said.
It is certainly a tough time for real estate. But for families like the Parkers who can afford to buy homes right now, it could end up saving thousands of dollars.
“$8,000 back for your taxes when you buy a house,” Parker said. “It's just the right time we feel like to buy a house.”
Nancy Powers, a Virginia resident, made the trip to bid on a lake house. She also feels right now is the right time for her to buy a house.
“I'm very excited,” Powers said. “So if I don't get the property, I'll probably cry afterwards.”
Although the foreclosures are unfortunate, Parker said all they can do is fine the silver lining.
“It's already in the bank’s hands and they have to do something with it,” Parker said. “You hate to see people lose their houses, but at the same time, somebody has got to buy it again.”
The REDC, which handled the foreclosed auction, held five auctions this weekend. A total of 2,000 homes were auctioned off all over the United States and in Puerto Rico.