PORTLAND -- Going once, going twice - Sold!
That's the hope for another round of auctions next month set up in order to sell off 70 bank-owned properties in Oregon and California.
Kennedy Wilson Auction Group has been getting the individual properties ready for the October 15th auction.
"It's residential, it's commercial, it's land and lot," said project manager David Ferranti.
Banks have been trying to get property off the books so customers can begin a new chapter of home ownership. Neighbors don't want the bank-owned properties to remain vacant, either.
"Well, of course, when a lot of these are sitting on the market and a lot of them are being auctioned off it depresses the over-all housing market and doesn't help the overall economic recovery," said one Sellwood resident who lives near one of the homes up for auction.
While most past auctions have centered on one property with multiple condos, this auction will be spread across Oregon and California. It's called a combination auction.
In a twist, bidders can make an offer and buy even before the auction in October.
"The seller is taking offers now," said Ferranti.
To bid, you must be pre-qualified and have a $2,500 cashiers check for each property purchased. For properties that are cash only, you must have proof of funds.
The auction is October 15th at the Portland Marriott Waterfront. Again. Keep in mind with all these properties, there are no contingencies allowed in the sales. If you're interested in a property you'll have to get an inspection done before the auction.