Buying homes at repo auctions

[Dan Harris]

Next month, in the Phx area there are over 300 repo homes being sold at auction, min bids start at $1000.00.
Has anybody had experience buying a home at this type of auction, if so what was your experience?
Can you really get a home for 1,000 plus, or do investors drive the drive up pricing to 20% + or - below recent appraisals?
Thanks
Dan

[Dom D'Agostino]

It's the non-investors that drive the price up, along some want-a-be investors.

Most of the homes will probably sell for, or near, the market rate, with a rare few being good deals.

[Matt Fellman]

I'm not sure of the rules of your particular area but in many cases you can't even get inside the properties prior to the auction. You're buying totally sight-un-seen. It works best for super large investors who can just play the averages. Buy 10 houses, you get burned on 2, get a great deal on 2 and about average on 6.

For a one-time buyer it's tough because you don't know what you'll get. An agent I work with fairly frequently has some investors that do this and it's a rollercoaster to say the least.

[Tony Mount]

Dan, Unless you have cash in hand and have time to look at the properties first don't waste your time.

[Billy Stephens]

Dan,

If the Mortgage Holder does not get what they want at Auction they "buy it on the court house steps." then try to Sell the property by listing it.

[Dan Harris]

They claim all must be sold, not really sure what that means.
The companys web site thats offering them here, and in 6 other areas across the country is..
Foreclosed Properties: Buying Foreclosed Home, Properties & Foreclosed Home Listing For Sale (http://www.ushomeauction.com)

It sounds interesting / worth looking into, as long as I don't become one of the speculators that go over board on bidding.
They do have open houses prior to the sale.

The location of a few them with min starting bids of 29,000 plus are good, including condo units apx a mile from me that have min bids of 33,000,these were selling for 180,000 plus 2 yrs ago.

Some of the areas listed are really over built to the extent new home builders are discounting existing inventory home 100,000 plus, and offering new builds from the 80s,