On Wednesday, prospective homebuyers will flood the downtown San Diego Convention Center, where more than 125 foreclosed homes are up for auction.
Southern California has one of the highest foreclosure rates in the country. Although it’s a sad situation for many, some people are benefiting from the misfortune, especially first-time homebuyers.
In the past week the Real Estate Disposition Corporation has auctioned off more than 1,300 properties throughout Southern California. Wednesday it's San Diego's turn to start the bidding.
"All the properties that are being auctioned off have been foreclosed upon by major banks and lending institutions, said Walter Skrzynski, executive Vice President of REDC. "The banks don't want to keep the properties on the books. They want to get them back out to the public."
Bidders need to bring a $5,000 cashier's check, a personal check to pay the rest of the deposit and identification. Skrzynski said buyers should do their homework.
"They should go out during the open-house period, inspect the home and make a determination of what they want to bid, then come to the auction and make those bids," Skrzynski said.
Registration for the event starts Wednesday at 5 p.m, or you can pre-register online. Click here to view a complete list of homes up for auction.
