Video: Homes on the 'un-auction' block

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ISSAQUAH, Wash. - The sluggish housing market has sellers thinking outside the box. One builder has a creative way of luring home buyers during a weekend event.

At Issaquah's new Vista Park community, they're calling it an "un-auction" event. Basically 80 homes, condos and houses in 14 different communities will be discounted to get rid of some of their excess inventory.

D.R. Horton homes are getting ready to hit the un-auction block. It's an un-auction because there are no auctioneers - it's just their clever way of saying they're putting some of their homes on sale at a deep discount.

"Definitely to get some sales going," said Aaron Siverts, Vista Park sales manager. "There is some excess of inventory in today's market. We can't deny that."

For the next two weekends, some D.R. Horton houses and condos in 14 different communities will be discounted up to 20 percent. In some cases, the builder will pay your 3% down payment and closing costs.

"Take for example a two-bedroom unit priced at $229,950. We're giving a six percent concession so that would be $13,797 dollars - almost a $14,000 concession," said Siverts.

D.R. Horton has come under some fire for such concessions. Critics believe big seller incentives may spur people to buy a home they can't afford. That's why come October 1st, a new law will ban seller-funded down payment assistance. Until then, D.R. Horton will deliver that deal and insist they take care not to get buyers into a bad spot.

"To make sure these people are going to be able to make their payments. There's debt to income ratios that we definitely want to fall in line with where buyers are going to be comfortable and not set themselves up for disaster down the road," said Siverts.

The "un-auction" will be held August 16-17 and August 23-24. Buyers must be pre-qualified.