We made a little field-trip to the Alameda County Courthouse in Oakland, California. Today was simply another day on the steps of the courthouse. There were about 110 properties scheduled for the sale. However, after all was said and done, I think only ONE property was actually sold to a high bidder
What happened to the other properties?? The majority were either canceled or postponed (usually due to an agreement between the borrower and lender) or due to bankruptcy. The rest, simply failed to receive a single bid, which then causes the property to become a Bank Owned property or REO.
Here’s a little video clip of the event.
Look for a follow-up post regarding this auction…and what I REALLY think about them.
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- Foreclosure Auction on the Courthouse Steps, Oakland, CA
