tagged w/ Open House
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At the height of the housing bubble, residents were forking over mid-to-high six figures for a home in Southern California.
Soon they may be able to get a home for the price of a new car.
Zetabid is auctioning more than 250 bank-owned single-family homes, condominiums and townhouses in Southern California, including more than a dozen homes in Long Beach, Compton, Hawaiian Gardens and Paramount.
Before the March 7 auction at the Pomona Fairplex, the company will have open-house events this weekend at the foreclosed properties, which range from $50,000 to $800,000 and are likely to go for 25 to 40percent below their listed prices.
Properties include a one-bedroom, two-bathroom condo at 730 W. 4th St. in Long Beach, one of seven homes up for auction in the city. Bids for the Westside condo, listed at $125,000, start at $37,500.
Another Long Beach property - a five-bedroom, two-bathroom home at 240 E. Allington St. - is listed at $249,900. Bids for that house begins at $74,970.
Also on the auction block is a four-bedroom, two-
bathroom home at 6608-66081/2 San Vincente St. in Paramount. The 1940 house, listed for $307,500, has a starting bid of $92,250.
Since its inception nearly two years ago, Zetabid has hosted auctions in California, Arizona and Florida and has auctioned off hundreds of homes. In the last four months, it has sold close to 1,000 homes, said Zetabid Chairman Bob Bellack.
Bellack said it is a chance for homebuyers who diligently saved their money to buy property at wholesale prices.
"It's a great opportunity," Bellack said. "It's more of a cash market than a credit market. Those people who have cash and good credit will do well here."
The Southern California auction they hosted in late September brought more than 2,500 people who bid on 240 homes. About 75 percent of the bidders were owner-occupants. The rest were investors. A Phoenix auction had standing- room-only crowds.
More than 1,000 people are expected at the March 7 event in Pomona.
While some properties require all-cash transactions, a number of homes will have financing available. Bellack encourages potential homebuyers to obtain a real estate agent and visit and inspect the house before bidding on it.
Bidders are required to come with a $5,000 cashier's check for a security deposit and pre-
approved credit.
karen.robes@presstelegram.com, 562-499-1303
WANT TO GO?
What: Zetabid Southern California Foreclosure Event
When: March 7
When: Registration begins at 8:30 a.m.; Auction begins at 10 a.m.
Where: Pomona Fairplex, 1101 W. McKinley Ave. Pomona, CA 91768
Information www.zetabid.comAt the height of the housing bubble, residents were forking over mid-to-high six... more
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Photographs from a job fair held by the Internal Revenue Service in New York, NY on Tuesday, October 28, 2008.Photographs from a job fair held by the Internal Revenue Service in New York, NY on... more
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