Frequently Asked Questions

Is It Really Possible To Buy Foreclosed Homes At 90% Of Market Value?

Absolutely! While the price you can pay will depend on the property, location and bidding competition, there are thousands of auctions being held across the country every week and properties are being sold at up to 90% below actual market value.

What exactly is a REO?

REO stands for "Real Estate Owned" This means that the bank or government agency that financed the mortgage has now taken over the property through the foreclosure process. Banks and agencies are overwhelmed with the amount of foreclosures taking place and need to auction these properties as quickly as possible to recover at least some of their losses.

Why Doesn't Everyone Buy Their House or Land At Auctions?

The simple answer is - Information! Few people know about auctions that are taking place every day in their own area. Realty Auctions gives you access to this information so you can be among the select group of those "in the know."

Can I Really Find A Nice House?

Without a doubt! One of the biggest misconceptions about foreclosures is that they are former crack houses or in horrible neighborhoods. This is simply untrue. As a matter of fact, most current foreclosures are the results of homeowners suffering from rising interest rates, loss of work or unexpected medical bills. These are nice homes that the owners just couldn't afford to make payments on anymore and the banks had to step in and repossess.

On June 29, 2006 CBS Evening News profiled the growing foreclosure auction market. Take a look at the video here.