Foreclosures auctions are hot

Foreclosure Auctions are hot right now

Over 5,000 people showed up to bid on 35 Uniondale homes last weekend. According to Newsday, more mass auctions are likely to become commonplace in the larger cities. What does this mean for the real estate investor? Opportunity. This is one way for lenders to let go of foreclosed properties en masse, and there are plenty of those properties to go around with the current state of the economy.

“It’s a different market today,” said Todd Yovino, the lead organizer of the showcase and the owner of Island Advantage Realty in Huntington, which has dealt in foreclosed properties for 20 years.

“With the economy doing what it is doing, more people are struggling to keep their properties,” Yovino said. “There are opportunities to buy that didn’t exist before.”

Click through to discover the top realty opportunities in your area today.