Depending on competition from other bidders, you can generally buy properties at public auctions for 25 to 35 percent below market value. |
If somebody spends 10 hours a week for five weeks to do research, it's worth it. |
Lenders are selling properties at market value, especially if it's a desirable property. The lender who owns the property is not under any obligation to sell at any great discount. |
Since they are nonperforming assets, banks generally want to get them off their books as quickly as possible. |