Louisville Foreclosed Homes Up for Auction are Great Deals

Foreclosed homes in Louisville that have been sitting vacant and tough to sell are selling unexpectedly well at local real estate auctions. Online real estate auction company, Auction.com, held an auction at the Seelbach Hotel recently that brought out a wide range of people interested in buying Louisville foreclosed homes. “They bid on the property and if they win the property we put them in contract today and within 30-45 days, they close on the property. It’s really that simple,” said Bob Michealis, vice-president for online auctions for Auction.com/REDC. The Auction.com’s low starting bids on their website upset some potential bidders who felt they had been misled. Examples of the low starting bids included $129,000 for a $400,000 home or $500 for a $102,000 home. “It’s very misleading and it’s a sales tactic,” said one man who has bid in countless auctions. He said that he works as a consultant for private investors who buy properties like the ones up for bid Monday. “You can’t get houses for $500 or $1000.” The company said that even though some homes advertised on the site had very low starting bids, a buyer’s reserve on each property was not advertised for each Louisville foreclosed home. Buyer’s reserves are the lowest dollar amount that the banks that own the foreclosed homes would accept. If a bidder does not meet the buyer’s reserve on a given foreclosed home, the banks can choose whether to accept the bid. One frequent foreclosed home auction attendee cautioned other potential buyers to come prepared to the auction. He said, “Just do your homework and you will find a bargain.” He said that when people buy Louisville foreclosed houses at auction, they often forget that a buyer’s premium of around five percent is often added to the purchase price. If you need assistance buying or selling Louisville Real Estate, please contact Louisville Properties for professional assistance at 502.744.9504.

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James Powell

Jim Powell has over 20 years of experience buying and selling luxury real estate in Louisville, KY and Managing over hundreds or rental properties across the city.
Jim Powell (License #191501)

Lauren Ghanavatian

Lauren Ghanavatian attended Assumption High School and the University of Louisville. Growing up in Louisville gave her a sense of the unique and diverse communities this city has to offer.

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Louisville Properties is a full service Louisville Real Estate Company for buyers and sellers of real estate. We offer the following services
3418 Frankfort Ave #100 Louisville, KY 40207 Louisville, KY 40207
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Phone: 1-502-744-9504

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