Lenders are giving substantial discounts to move property. Lenders are not in the real estate market they are in the money lending business and they need to keep performing notes and dump nonperforming to make Board and Corporate investors happy. 5% discounts in the California market are probably equal in cash value to 75% in non California market. When I say auctions I am talking about opening the property for viewing for a week to the general public and then opening the property for bidding in a round robin auction that is not absolute. We invite potential buyers to bring home inspectors, realtors etc. to check out house and we disclose everything we are aware of at the time of viewing. We are doing direct sales to investors to move property quick at a deep discount and we will make up difference in volume making investors happy. Hope this helps!
