73 foreclosures on the auction block

GRAND RAPIDS, Mich. (WOOD) - Wednesday more than 70 foreclosed homes in Grand Rapids are set to go on the auction block.

It's a chance for you to get your dream home for a steal.

In February, Realty Trac shows foreclosure filings for more than 800 properties in Kent County.

In a time when many people are losing their homes, the auction is a unique opportunity to get families back into a home.

Rick Huizen and his wife are looking to move their young family into a place they can call their own.

The process of signing on the bottom line of a home on Fulton Street home will be a bit different though, because it's foreclosued on and up for auction.

"There's not an inspection process, buyer beware," said Huizen, a potential bidder. "The houses are sold as is. So it's a little bit nerve racking."

The property is one of more than 1,100 foreclosed properties in the state that REDC, an auction marketting company based in California, will auction off this week.

Records show back in 2005 this home sold for $150,000. Right now,  $100,000 is owed on the mortgage, a potential good deal.

Dozens of Grand Rapids properties will hit the block tomorrow, 73 in all.

REDC calls it the silver lining of the foreclosure crisis because it turns vacant houses back into homes, allowing people it says to purchase their dream for about 50% less.

Ed Lehmann with Century 21 is the selling agent on the home. He says bottom line lenders need to liquidate.

"People's lives have been dsrupted through a variety of reasons," Lehmann said. "They've turned over the keys and said 'I'm sorry we can't make the payments anymore. I feel bad but we have to go.'"

The auction is at the DeVos Place downtown Grand Rapids Wednesday at 6:30 p.m.

On The Web:

Pre-register for the auctions at www.auction.com