I have been following a number of Notice of Defaults (NOD’s) and watched them go to auction at value prices. Yes,many are still way over priced – at the level of the first mortgage, but some have gone at 25% of the last sale price. In a couple of cases the rental income would justify the price.
I have the cash to play, but don’t know enough about the pitfalls to jump in.
Anyone know any good resources to keep from getting burned on a “City Hall Steps” foreclosure auction? or any stories about success or failure in the repo arena?