KOLD News 13 live, local and late breaking-Hundreds of foreclosed homes head to the auction block

Hundreds of foreclosed homes head to the auction block

By J.D. Wallace - bio | email

Looking for a deal, Natalie and Brady Bruce said that they scored their first house for less than half its previous value.

"We didn't expect to get it," they laughed.

"The company's goal is to help out first time buyers and investors achieve their dreams," said Robert Klenk, who handles investor relations for REDC Group.

Homes all over Arizona, in Tucson, Rio Rico, and Green Valley, were up for bid in a four day auction by the company.

"(A lot of) banks are having a hard time with assets, can't unload assets, and this is a great way to unload assets for the banks, having an auction," Klenk said.

"The more houses that they keep recovering through foreclosure, the more auctions there will be because the banks need to get their money back somehow.  This is the way to go," said real estate agent Angelica Garcia.  She said that her clients bought two houses.

Nine hundred twenty five Arizona homes went up for auction.  More than 700 sold for a total of more than $60 million.

"Hopefully the market will recover eventually to where people stay in their homes and afford them," Garcia said.

"I think eventually it will curve itself back into being not so much a buyer's market, but a seller's market eventually, but it's a good buyer's market right now," Brady Bruce said. 

For now, they expect the market to keep offering a wide selection.

"Do your research, I mean there's a lot of houses.  I mean, if the one you want passes by, just wait a couple weeks and something else will come on the market you really like," Brady Bruce said.