Posted by Warner(ATL) on June 12, 2000 at 06:55:14:
What I have observed, is that although it is true that tons of people show up at the courthouse to bid on properties (and yes many of them do not know what they are doing), there are very few investors bidding when one thing occurs…the bidding price is over 40-50K. In other words, when the bid price is 10-20 or even 30K everybody wants some action, but when the bid price is 70K and the house is worth 150K, even though it is a fantastic deal you’ll find one maybe two investors bidding. Most people, as Joe Kaiser says in his foreclosure course (highly recommended) just cannot come up with that king of money. These are the professionals the judge was talking about who make excellent livings off one or two deals a month.