Foreclosures going for $200 in Palm Beach...

[GoodWitch58]

A house for $200? Foreclosure confusion leads to rock bottom auction prices

56 percent of winning offers were from investors or individual buyers who in some cases spent no more than a month's mortgage payment to get homes that sold for upward of $240,000 during the real estate boom

Wow!

 

[Matt J]

It does happen, a guy bought one over in Bay County for I think $100.00 because the lender failed to show at the auction. The house was "valued" right at $1,000,000.00 during the boom. Turned out to be a beach shanty that was in an area that probably would have gone for condos if the boom had continued.

 

[PalmBeach]

From Article:
"But it is nowhere near certain the rock bottom prices will stick. Some of the sales were done without the required public advertisement. The Palm Beach County Clerk of Court will not issue a certificate of sale without proof that the auction was advertised once a week for two consecutive weeks before the sale."