Home Auction May Have Bargains
Some Homes Have Starting Bids In Hundreds, Thousands
POSTED: Tuesday, May 12, 2009
UPDATED: 6:41 am CDT May 13,
2009
SAN ANTONIO -- Banks in need of ridding itself of foreclosed properties are taking potentially risky actions to clear their inventory.
A local corporation is auctioning about 100 San Antonio-area foreclosed homes with starting bids in the thousands. Realtor Mike Hermes pointed out one home in the
Elm Creek subdivision on the city's northwest side -- a 6,700 square foot home -- with a low starting bid in an upcoming auction.
"If this house was fixed up and ready to go," he said. "A comparable $200 per square foot in Elm Creek makes it $1.4 million."
The Real Estate Disposition Corporation is handling a 9:30 a.m., Saturday auction at the Henry B. Gonzalez Convention Center downtown.
A home in Salado Creek, once valued at $259,000, will have a starting big of $59,000 in order to lure bargain hunters to Saturday's auction, Hermes said.
A
listing of the homes available in Saturday's auction can be found on the REDC Web site.
Copyright 2009 by
KSAT.com
All rights reserved.
This material may not be published,
broadcast, rewritten or redistributed.