Dozens of homes went on the block Sunday as part of a foreclosure auction.
A crowd of buyers, some coming to an auction for the first time, gathered to make the most of the housing crisis and to walk away with a big bargain on a new home.
The bidding started at 9:30 a.m. at the Millennium Hotel and didn’t stop until all 40 properties were gone.
Bidders were asked to bring their W2 forms for the last two years, a $2,500 cashier’s check and, if they won the auction, put a 5 percent deposit down on any purchase.
“I was looking for a property in Jasper,” first-time bidder Randy McDowell said.
In one case, a four-plex unit in Mount Auburn valued at $305,000 sold for $17,500.
“Here in Ohio, this is really one of the epicenters of foreclosure,” Real Estate Disposition Corporation manager Dave Lee said.
Lee’s company is prepared to sell even more foreclosed properties in 2010.
“These folks buying houses today are going to take care of the lawn, buy paint, buy carpet — energize the entire economy — so this is truly the silver lining of the cloud of foreclosure,” Lee said.
McDowell bought a house for $42,000 and said he plans to come back.
“Looks like some people are getting some good buys. I wish I was more prepared to bid on some of the other ones, but I will be next time,” McDowell said.
The auction house said Ohio is one of the states turning over the most foreclosed properties.