Investors line up to buy bargain homes at Phoenix HOA foreclosure auction

foreclosure

By Catherine Reagor and Jessica Boehm | The Republic

Every Thursday, investors crowd into a garage-size room on the second floor of the Maricopa County Courthouse in Phoenix looking for a deal.

Among these veterans, bidding goes fast for bargain properties placed in foreclosure by homeowners associations, often for as little as $1,200 in unpaid monthly dues.

Last spring, bidding started at $50,000 for a condo in north Scottsdale, about $8,000 more than the owner owed his HOA. Five minutes and 40 bids later, a Phoenix investor scored the property for $153,000, about half the going price of neighboring condos.

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