Lenders this year have at times bid up to 600% above a property’s real value at foreclosure auctions to retain a home, outbidding cash buyers and other investors, the Sarasota-Herald Tribune reported.
Josh Salman with the paper reported the following:Sponsor Content
In the 12 months ending June 1, 4,865 foreclosures were auctioned in Sarasota and Manatee counties. Lenders outbid third-parties to keep 3,754, or 77%.
Banks paid $259.2 million for the properties, an increase of 34% from the amount they spent in the same 12-month period a year ago.