They said it couldn’t happen, but now we’re seeing foreclosure auctions in Manhattan. Not everyone is happy about it:
Note the warning at the end of the video- there’s apparently no guarantee that the title is free and clear. Foreclosure auctions are not for the unwary.
This is today’s open thread. I’m off to Manhattan myself this week for a little R&R. The only real estate I intend to check out is the Empire State Building. I’ll be in and out as always though, so feel free to leave a comment or drop me a line.
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When REDC runs an auction, they are lender owned, so they are not “foreclosure auctions”. They are “post-foreclosure auctions”. Hence, the title becomes free and clear, as it goes through a normal title escrow process.
Sounds like that person person commenting about the lien didn’t know what they were doing, and ABC7 didn’t know that they were talking to an idiot.
This all gets sorted out in escrow, as the bank has to clear all liens and you buy title insurance to protect yourself.
Jeebus, you know for sure you’re still in a bubble when you have stupid people like this going to “foreclosure auctions”. It’s almost too much stupidity. Smart money is definitely not mingling with idiots like that. You are the company you keep.
Chuck Ponzi
Those are retail auctions, the real foreclosure already took place at the courthouse steps and failed to get a bid. Now they are going retail to beat out the Realtor fees with this fake foreclosure auction. No bargains there. Circus like atmosphere.