A house for $200? Foreclosure Confusion Leads to Rock Bottom Auction Prices
Scores of Palm Beach County homes were sold to investors at foreclosure auction this month for as low as $200 following the collapse of the David J. Stern law firm.
Palm Coast, FL – December 10, 2010
Scores of Palm Beach County homes were sold to investors at foreclosure auction this month for as low as $200 following the collapse of the David J. Stern law firm and ensuing confusion as thousands of its cases are reassigned.
It’s yet another muddle for the already overwhelmed foreclosure courts to sort out as former Stern cases went to auction with no bank representation, bids or proper public notice.
The result on Wednesday was 56 percent of winning offers were from investors or individual buyers who in some cases spent no more than a month’s mortgage payment to get homes that sold for upward of $240,000 during the real estate boom.
Read More >>>> Palm Beach Post
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