Foreclosure Auctions: Bidder Beware

Buying real estate at foreclosure auctions is an alluring idea, particularly in New York where nearly everyone is scrambling for a deal. Nationwide interest has spawned an industry of foreclosure mavens as well as countless Web sites, infomercials, how-to books and seminars.

Foreclosure auctions, which occur after a lender or government agency forecloses on a parcel, building or apartment, are a judicial process in New York, meaning that they are run by the court system.

Such auctions may have piqued the interest of novice investors anticipating a rise in interest rates and the inability of some owners to meet their financial obligations.  (Read More)

Source: NY Times