Posted by Rich-CA on March 15, 2008 at 08:21:09:
The Treasury auctions are handled by a contractor, whom I have met. They are very skilled and in the auctions I have attended managed to obtain over market bids. My observation is that this bidding frenzy can only be whipped up face to face. Its harder when you cannot play on the other people’s reactions.
I have heard that it can cost between $20k and $50k to foreclose a property (which would be from NOD to REO), but I am no expert on this and others on this site would have more exact numbers. In some states, such as CA, the foreclosure is handled by a trustee, who may or may not be an attorney, but it does not go to court, so would likely be at the lower end of the costs.