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Auctions could help homebuyers find deals

February 19, 2010 - Individuals who are considering moving to a new home may want to attend real estate auctions, which could lead them to high discounts on new and used properties.

Due to the down market, several vacation home builders in Ocean City, Maryland, have put their new developments to auction this year, the Baltimore Sun reports. For example, developer Bahia Vista has announced that 20 of its unsold condos will be split between two auctions next week.

While previous asking prices for these properties ranged between $680,000 to $790,000 per unit, bidding on some of the properties will start at $95,000, according to auctioneers at one of the events. At least four of the units will not have minimum bids.

Past auctions have resulted in sales of similar properties for $240,000, according to the news source.

Although these events may save buyers a great deal of money, these individuals should be sure that they are purchasing new homes from licensed and legitimate auctioneers that will not mislead them.

In Miami, a foreclosure auction website has recently been called deceptive, as some of its users unknowingly purchased properties that featured extensive condo liens or preexisting mortgages, the Sun News reports.

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