Jun 9, 2009 6:11 am US/Eastern
Foreclosed Property Auction Held In KOP
KING OF PRUSSIA, Pa. (CBS 3) ―
Approximately 60 foreclosed properties in Pennsylvania and New Jersey were auctioned off during an event in King of Prussia Monday evening.
The homes -- from Reading, Pennsylvania to Cape May, New Jersey and points in between -- were auctioned off at the Valley Forge Convention Center.
The one-day event was run by Real Estate Disposition Corp., or REDC.
"We're really just doing, I think, the economy a great favor, some folks don't always understand that, there's really no good that can come from an empty house or vacant house," Trent Ferris of REDC said.
The heartache for owners who have lost their homes to foreclosure created an opportunity for those who attended Monday's auction.
Raymond Rapposelli and his wife obtained a home in Galloway, New Jersey that was valued at $498,000 for $285,000.
"We live in a beautiful house, but this house is twice the size for half the price," Rapposelli said.
RELATED LINK:
www.auction.com
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