Home Cheap Home: Dozens Of San Diego Houses Up For Auction - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Home Cheap Home: Dozens Of San Diego Houses Up For Auction

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Hundreds of San Diegans are hoping to get a good deal on a real estate investment. Dozens of foreclosed homes are set to go on the auction block at the Hilton San Diego Bayfront Tuesday night.

Salvadore Torres is giving one home a good look because he's seen it all in his auction buying days, homes in horrible shape and some with unbelievable surprises.

"One house they put a Jacuzzi in a room and then they removed it. There was cement missing in the middle of the room," he said.

The website for Tuesday's auction shows homes with kitchens gutted, appliances removed, and even graffiti.

Mark Goldman lectures on real estate finance at San Diego State, and offers a reminder that auctions are designed to get sellers the highest price possible, and winning bidders have to pay a buyer's premium on top of their bid.

"If you bid $200,000 on a home and there's a 5 percent auctioneer fee, there's another 10 grand, and that's a lot money if you forget about it," Goldman said.

The auction will move fast, with 25 to 30 homes sold in an hour. Watching one townhouse closely tonight will be Denise Gleavey. She'll be watching it not just as a realtor, but also as a neighbor.

"I'm curious to see what the market is willing to pay for something like this. It's a house in foreclosure, but it's in great shape," Gleavey said.

Denise has been to auctions before, and doubts this townhouse will go for a steal of a deal. She says its been her experience that homes that need a lot of work provide the best bargains. But Salvador is still planning to keep a close eye on it, hopeful he can pick it up below market value and prepared to walk away if the price gets too high.

"It's the name of the game, let's see what we can get. I hope it is a good deal," he said.

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