In The News | Real Estate Investing | How To & Education | Bankruptcy/Foreclosure
Standing on the front steps of the Contra Costa County Courthouse in Martinez on a recent weekday, an auctioneer rattled off the vitals about foreclosed homes for sale, covering each one in mere seconds before commencing a rapid-fire bidding process. Each home had an opening bid price -- usually the amount owed on the mortgage, $580,579.61 in the case of one Brentwood house.
Nobody among the handful of people on the courthouse steps bid on any of the properties. Each auction took less than a minute, with the auctioneer asking for bids and receiving no response. Each of the four auctions ended with the same words: "There being no further bids, this property is hereby sold to the beneficiary (the bank holding the mortgage) for the last and final time."