Get a piece of schlock (?) at a foreclosure auction

387 Huntington Ave., the Bronx

The folks who conducted the auction of 54 units of Riverdale’s Solaria development have scheduled another event that will allow you to bid on any of five foreclosed New York City properties (and 178 others in the Northeast) in King of Prussia, Pa. on March 28 online or in person

The New York properties are:

  • 387 Huntington Ave., Bronx, 2,535-sf duplex, starting bid $219,000, previously valued to $732,000
  • 1376 Bristow St., Bronx, 2,348-sf duplex, starting bid, $159,000, previously $410,000
  • 126 Vanderbilt Ave., Brooklyn, 1,709-sf single-family, $329,000, previously $1.995 million
  • 228 Balsam Pl., Staten Island, 1,33-sf townhouse, $119,000, previous not provided
  • 11326 209th St., Queens Village, 1,350-sf duplex, $99,000, previously $610,000

The home pictured at the top was built in 1988 and contains eight bedrooms and three baths.  The most expensive property, the one on Vanderbilt Avenue in Brooklyn, was built in 1910, has four bedrooms and two baths; it sits on a 1.7-acre lot.

You’ll find more details, photos, information, instructions for bidding and financing options here.  (The New York City properties are on Page 2 of the listings.)

Like the Solaria auction that Real Estate Disposition Corp. (REDC) held on Nov. 22, this one in King of Prussia, Penn., has undisclosed reserve prices and a requirement that sellers subsequently approve winning bids.  The minimum bid is not the same as the reserve.

In other words, it is not an absolute auction, so winners easily can end up losers.  And frequently do.  From the auctioneer’s purchase agreement, here’s the straight skinny:

Except where prohibited by law, during a live bidding event (online or otherwise) the Auctioneer may open bidding on any Property by placing a bid on behalf of the Seller and may further bid on behalf of the Seller, up to the amount of the Reserve Price, by placing successive or consecutive bids for a Property, or by placing bids in response to other bidders. If no bidders meet the Reserve Price, the Seller is under no obligation to sell the Property. The Seller may withdraw a Property at any time prior to the announcement of the completion of the sale by the Auctioneer.

And that ain’t all:


And even that’s not all:  There’s a buyer’s premium of 5 percent.

You’ll find lots more provisions, every one of them in favor of the sellers or auctioneer, in the purchase agreement online.  Please download the PDF on the auction site and study the thing.

If you’re still not discouraged, have at it!

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201
Web site

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