Richmond homes selling at fraction of value - NBC12 - WWBT - Richmond, VA News On Your Side

Richmond homes selling at fraction of value

By Evrod Cassimy – bio | email
Posted by Meg Thalhimer - email

RICHMOND, VA (WWBT) – More than 50 homes in Virginia, many in the Richmond area, were auctioned off Tuesday at the Richmond Convention Center downtown.

These foreclosed homes were sold for well below the value of the property by banks looking to get rid of them. About 100 people turned out, some ready to buy, others just curious.

"I wanted to see what the process was and just get a feel for what to expect next time I come, when I bring a check with me," said onlooker, Dawn Stowers.

This was her first time at a foreclosed home auction. While she is currently a homeowner, she's hoping to take advantage of the low sales and buy an investment property next time around.

"I want to be able to, of course, invest my money in the future and make some money. So, in the meantime, I want to be able to help someone else out maybe who's been less fortunate and who has been put out of their home for whatever reason," said Stowers.

"I've seen houses that were previously valued in the medium high three figures that are selling in the four figures. Great deals are out there," said auction representative, Walter Skrzynski.    

A home on Oakwood Avenue in Richmond was previously valued at $170,000 and was sold for just $30,000 Tuesday night, a fraction of the cost. The starting bid was just $9,000. Because of the economy, foreclosed home auctions like this in our area happen several times a year.

Stowers plans to bid at the next one.

For more information about future auctions please visit www.auction.com.

Copyright 2010 WWBT NBC12. All rights reserved.

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