Real Estate Auction on the Courthouse steps.

Yesterday I watched and learned. I joined an experienced bidder and watched the process. Bidding on the court house steps is a specialized business. One must do their homework and even then they get surprised to find that between seeing the home and winning a bid and finally getting into the house, that a lot of damage was done. There are also the additional issues if the home is still occupied. I appreciate the education I gained from watching the experts on the steps.

Three auction criers rattled off lists of homes available, barely audible over the street noise. Bids were handwritten on a sheet of paper as bidders - many of whom are regulars - called out their price.

It seemed as though most opening bids were on behalf of the lender the auctioneers call out the opening bid on behalf of the lender and no-one else bid up on these properties, the property is then sold back to the lender. Who will then turn and sell them as foreclosed properties by the Realtor of the lenders choice.

Occasionally the lenders opening bid was low enough to spark a bid from a person of the audience. Typically others would follow suit. The home that was bid on by the audience was bid on until only one was left bidding. How exciting this person won the bid. Oh WAIT! I believe it was the Trustee of the Lender states. This sale has been canceled as the person loosing the home just filed bankruptcy. Wow! all that for nothing.

This was an exciting and educational experience and I plan to visit again.