EAST McKEESPORT, Pa. -- Dozens of foreclosed homes were on the auction block Wednesday -- some of which sold for far less than their worth.
The house sold Wednesday night went in all price ranges. One example in East McKeesport included a house that previously listed for $80,000 but sold at auction for $27,000.
The auction of foreclosed homes by the REDC Co. took place at the Omni William Penn Hotel and online at auction.com.
WTAE Channel 4's Jon Greiner reported that some people were looking for homes in which to live and some were looking for an investment.
A $400,000 home sold Wednesday night for $252,000. One woman bought a $600,000 home at the last auction for $277,000.
"Oh my gosh, we love our house. It's gorgeous. We never could afford to live in a mansion, but we live in one thanks to REDC," said Helena Schaefers, who bought a home at auction.
Some new attendees to the auction were a little confused by the process and the pace. Most of the 45 homes offered sold within five minutes.
"It's an awesome deal. You can't get any better than this," said Michelle Cercone, a bidder at the auction.
Successful buyers said one has to know what they're getting -- don't just look at a picture and make a decision.
"I think they should look at the outside (and get to) know the neighborhood first because they had a lot of pretty houses that we don't know what the neighborhood was like, you know?" said Pat Bachner, who attended the auction.
You should also make sure you're getting a clear title with no liens.
One thing to be aware of at auctions is there is a reserve price below which they won't sell the house. So, although opening bids may be $500 or $1,000, you're not going to get a house for that.
Copyright 2009 by ThePittsburghChannel. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
