I must start by saying some of these adds on TV are working to draw people to these foreclosure auctions. You must really check these auctions out before you waste a bunch of time. Last week I myself kind of got caught up in one of the auctions that is coming up in California.

The minimum bids suckered me to start checking out some of these homes. Things started to look real good until one of the hosts made the comment to me that! The bank has to approve the final bid. I replied - what in the world am I wasting my time on this for, another sucker was born! 

I went back to my office and called the auction and sure enough. Some of these auctions are reserve auctions and the bank has a right to review the price and not sell if they don't want. ( Anyway it's deep in the terms of the auction terms) I sure don't see anything on the TV add's, I don't think a Realtor could advertise this way!

I must say this is a big sales pitch, to get you there and get you caught up in the heat.I have personally been to several auctions over my twenty-five or so years. I sure feel sorry for the people that don't check this out and waste there time and money on going to these ------------------ well, I wouldn't call them auctions.

I believe a true auction is one where you bid and the high bider gets the bid!

Now what do you think?