Misery for some people equals bargains for others: there were 5,977 foreclosed homes on the auction block in Southern California in the first three months of the year, up from 711 in the same period last year, according to research firm DataQuick Information Systems. With stats like that, the LA Times goes behind the scenes at a foreclosure auction, following around a determined Karen Krynen, who just happens to be married to a contractor (that helps) to see if she can get a deal. But there are pitfalls, such as competing bidders. And cripes, buyers need to do a lot of legwork to even bid. And worse, there are risks! Karen can't even see inside one of the homes she wants! We won't ruin the ending.
· Foreclosure: an auction adventure [LA Times]
Filed under: