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Almost 1500 home buyers gathered in Midtown Manhattan yesterday to scoop up 375 foreclosed homes in an auction by the Real Estate Disposition Corporation.   For home buyers looking for low prices, this was the place to be. One example reported by the New York Times: a seven-bedroom, five-bathroom home in Roselle, N.J., with an estimated value of $565,000 and a starting bid of $129,000. (Final sale price: $245,000.)

Purchasing the homes was pretty simple.  Buyers had to put a minimum 5% of the purchase price down on the spot with $5000 coming from a cashier’s check (the rest could be from a personal account).  Mortgage brokers were on hand to help finance the winning bids for people not paying in full.

In a survey by Trulia last May, 69% US adults reported that they though there were negative aspects of purchasing a foreclosed property. Safe to assume that none of these people were there.

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