Nearly 100 Puget Sound homes hit the auction block


by By / KING 5 News

Posted on December 6, 2008 at 4:46 PM

Updated Wednesday, Sep 23 at 8:42 AM

Video: Puget Sound homes hit the auction block

FIFE, Wash. -- There may be some good news for homebuyers during this economic meltdown.

Home builders desperate to sell are turning to auctions to get rid of their property, and the prices for brand new homes may shock you.

Nearly 100 newly built homes and condos from Fife to Everett will be auctioned off Sunday in downtown Seattle.

Leah Wagner and her family hope to have one of those winning bids.

"It's going to be our first home," she said. "It's an opportunity we haven't had because the housing market was so high previously."

It's a new trend occurring in Western Washington.

Real Estate Disposition Corporation is holding the auction. The soft economy combined with the glut of new homes have created a perfect opportunity for homebuyers.

Here's an example of the type of savings: For one house that was listed well over $400,000, the auction bid starts at $159,000

"Because we can sell them for the builder in one day they can bottom line it," said Michael Russo, of Real Estate Disposition Corp. "They can cash out of it. It's a very attractive offer to them even thought they're going to take a little bit of a hit."

To make it happen, potential buyers should be pre-approved with a cashier's check in hand. Wagner is ready. She has waited a long time for this opportunity and hopes to be in her dream home soon.

The auction will be held Sunday morning at the Westin in downtown Seattle.

Registration starts at 10 a.m. and the auction starts at 11 a.m.

To learn more about the properties, visit this Web site: