For some people, the holiday shopping over the weekend included buying foreclosed homes at an auction at the Washington Convention Center.

Jessica Forres was there...



[NAT: PREVIOUS VALUE ON THIS HOME AT 750-THOUSAND DOLLARS

The auctioneer is introducing item 104, a 5 bedroom house with two and half baths in Glenn Dale, Md.

The bidding starts at 249-thousand...

[NAT: HERE WE GO. 249, 250]

Chris and Kelina Pham... who toured the house prior to the auction... raise their bidder's card at 3-hundred and 70 thousand...


[DO I HEAR 375… BUILT NEW IN 2004, SOLD.]

It's a deal…the Phams...first time buyers... are now homeowners.

-THIS IS ONE OF THE PROPERTIES WE HAD IN MIND.
-HOW DO YOU FEEL?
-HAPPY, EXCITED

Trent Ferris...with Real Estate Disposition Corp, the sponsoring company...calls it one-stop shopping for buyers...

THEY COME IN, THEY HAVE A CASHIERS CHECK, A FORM OF ID AND ADDITIONAL FORM OF PAYMENT, A PERSONAL CHECK WHATEVER TO COVER THE EARNEST MONEY DEPOSIT.

Winners were escorted to another room where financing is arranged...

WE'RE GETTING HOMES BACK INTO THE COMMUNITY AND BACK INTO THE HANDS. WITH THE AUCTION PRICES PEOPLE ARE ABLE TO GET HOMES MUCH LOWER PRICES AND MORE HOME THAN THEY THOUGHT.

But real estate agent Steve Withrow says that's not always the case...

I WOULD ASSUME MORE OFTEN THAN NOT THEY ARE ACTUALLY NOT THAT GREAT OF DEAL AS THE BUYERS THOUGHT THEY WERE GOING TO BE FROM THE START. THIS PARTICULAR PROPERTY THAT WE WENT TO YOU KNOW IT WOUND UP SELLING FOR SIGNIFICANTLY HIGHER THAN IT WOULD'VE SOLD IN THE OPEN MARKET.

More than 2-hundred foreclosed homes were sold this past weekend.

Jessica Forres WAMU 885 News

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For some local residents, home foreclosure auctions are offering the opportunity to secure their own piece of the "American dream", but as Jessica Forres reports….those auctions may not provide buyers with the best deals...


[ NAT: AUCTIONEER]

Sandor Biderman is disappointed that the house he wanted just sold for more than 500-thousand dollars...

I WAS LOOKING TO BUY LOW AND SELL HIGH. IT'S PROBABLY THE FAIR-VALUE TODAY.

Trent Ferris is with Real Estate Disposition Corp... which sponspors auctions across the country...

PEOPLE ARE ABLE TO GET HOMES MUCH LOWER PRICES AND MORE HOME THAN THEY THOUGHT.

But local real estate agent Steve Winthrow says that's not always the case...

MORE OFTEN THAN NOT THEY ARE ACTUALLY NOT THAT GREAT OF DEAL AS THE BUYERS THOUGHT THEY WERE GOING TO BE FROM THE VERY GETGO.

The company sold more than 2-hundred foreclosed houses in the DC region this past weekend.

Jessica Forres WAMU 885 News