The auctioneer

Most auctions take place at the county courthouse steps, and they pose disadvantages: buyers might not be able to inspect the Calabasas foreclosure property, and they will have to put up the entire purchase price the same day.

The U.S. Department of Housing and Urban Development also runs auctions to unload homes it has acquired through defaults on federally backed mortgages. There aren’t a lot of steals in this process, according to a study by Tim Allen, a real estate professor at Florida Atlantic University.

Allen tracked sales at a HUD auction in Florida in 1998; he found that buyers paid prices very close to assessed value. Beitler agrees that there’s a “frenzy” at HUD auctions that can push prices to unreasonable levels. ThiAlthough this may be a good option for some, there are different ways to secure a Calabasas foreclosure and Calabasas loansfor a more reasonable price, which have already been discussed. All are great options and should be weighed heavily against one another before taking that first step to secure a Calabasas foreclosure in today’s market.