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Find A Great Home Deal At A Foreclosure Auction

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Nov 8, 2009 3:05 pm US/Mountain

Find A Great Home Deal At A Foreclosure Auction

DENVER (CBS4) ― During this recession everyone is looking for a great deal, and Sunday many people found what they believe was a great price on dozens of homes in the Denver area at a foreclosed home auction.

Auction.com is accepting bids on 35 foreclosed properties throughout the Denver metro area.

The Cassano family arrived with their eye on a Denver home on Monroe Street previously valued at $394,000. The house sold for $230,000 just before they arrived.

"Whoever got that is a lucky person," Cassano said. "It's going to be a great endeavor for them."

Cassano and many others say it's a great time to buy a home and at auctions homebuyers can walk away with a great deal if they do their homework and add up all the hidden costs. For example, there is a 5 percent charge by the auction company, similar to a real estate fee. Some homes require cash and no financing is available. Everyone pays 5 percent before leaving and the rest of the money is due in 30 days.

Andy Schultheiss says he got a Boulder home for a steal after going through the auction process.

"It's pretty crazy. I was a little confused while we were going through the numbers, in fact, I out-bid myself once because I didn't know who had won the bid. But by the end I was the one left standing," Schultheiss said.

The four-bedroom, 2,300 square-foot house was once valued at $880,000. Schultheiss got it for $440,000 plus an additional $22,000 in fees -- well below what he expected to pay.

"We got it for about half the assessed value and we're going to put some money into it and hopefully live in it," Schultheiss said. "I think we got a great deal."

He hopes the deal will be finalized in 30 days because on all the properties, the bank or owner has the final word. They can refuse the offer even after buyers sign on the dotted line.

(© MMX CBS Television Stations, Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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