Posted by Shawn Maclauchlan
RICHMOND, VA (WWBT) - In this tough economy, it's no secret that home foreclosures are soaring.
Sunday, hundreds of people turned out to the Convention Center in Richmond for the chance to buy one of the 70 foreclosed properties, and the price-point was the main appeal.
"I think people are eager to get a bargain and they are looking to buy at the bottom of the market," said REDC vice president Bob Michaelis.
Those attending the auction were there for a variety of reasons.
Some were looking for a home to live in.
"There's a house in particular that I would like to have, so I'm prepared to bid on it," said Richmond resident Alberta Hawthorne.
Others were just curious about the process.
"I wanted to see what foreclosed houses are going for," said Chesterfield resident David Copeland. "I'm not really interested in buying a house, I'm just here out of curiosity."
Terry Jones made a winning bid on property in Richmond. Her family plans to rent it out. She has some advice for those who may attend an auction like this in the future.
"You just have to know what you are after before you go in and set your limits before you go in, and stick with it, don't get carried away with the auction bidding," said Jones.
Auction officials say in addition to pleasing the winning bidders, this process is a service to the community.
"A vacant home doesn't do anything for a neighborhood except bring down the property values," said Michaelis. "We are putting people back into them, we're helping turn houses back into homes."