Foreclosures on the auction block - | WBTV Charlotte

Foreclosures on the auction block

CHARLOTTE, NC (WBTV) - Hundreds of people packed the Charlotte Convention Center Saturday, hoping to bid on a home foreclosure.

According to RealtyTrac.com, there are more than 2,600 bank-owned properties in the Queen City and more than 60 were up for auction.

"The adrenaline is great," said Charlene Newsome, one of the bidders looking for an investment property. She believes now is the best time to buy.

Some of the properties sold for less than $20,000 Saturday. With interest rates as low as they've been in decades it was just too much for some to pass up.

"Deals right now are incredible. The people that are selling these properties are in the business of lending not owning," said Kelly Ferris, auction manager.

Neighbors living where foreclosures have been popping up are concerned about the chance for new ownership.

Take neighborhood activiest Gwen Johnson, speaking about a property on Pryor Street.

"My biggest fear is we're not gonna get another family, because it's a cheap house," Johnson said.

Her fear is that whoever buys this home may see it as an investment and nothing more than rental property.

"Properties don't go into foreclosure if you can't sell them at market value," she said.

T.J. Larsen of My Townhome Realty understands the auction process and says in many ways it can be a case of buyers beware.

According to Larsen, "When you go into these properties there's no pre set inspections, and usually when someone moves out in a foreclosure instance, they're not taking the best care on the property."

Even so, bidders like Charlene Newsome say they're willing to take the chance.

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