Banks Use Auctions to Unload Foreclosed Homes

LAS VEGAS -- Congressional hearings are being scheduled to investigate how banks handle foreclosures. The calls for a review come after Bank of America announced last week that it's stopping foreclosures temporarily because of some apparent shoddy paperwork.

In the meantime, banks are trying to get rid of their foreclosure inventory. Next week, nearly 50 foreclosed homes in and around the Las Vegas valley are being auctioned off. It's a win-win situation for banks and people looking to buy a home.

Click here to view the homes to be auctioned

"It's very good. You know it gets more of the foreclosures off of the market. It actually gives a lot of people, especially first time home buyers, a chance to purchase these homes too." said realtor Tiffany Sims, Nolf Group.

The foreclosure auctions are both online and live. Buyers can find homes valued at more than $200,000 with starting bids as low as $19,000. Auctioning is a quick way for banks to get foreclosed homes off the books. Which in turn, helps the economy.

"You are going to get a good deal but they are going to set price points so that they're not going below a certain amount. So they're not going to give away the properties," said Sims.

There's an online auction Saturday and a live auction next week. The listings are single and multi-family homes and condos.


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