More than 350 foreclosed houses will be auctioned off by lenders next week in Modesto, Merced and Stockton. The Real Estate Disposition Corp. will conduct the auctions, and it will charge winning bidders a 5 percent "buyer's premium" on top of the purchase price.
Bids for most of the homes will start under $100,000, and more than 30 houses will require starting bids of only $1,000. But that doesn't mean property will be sold that low.
The sellers have established secret reserve prices for the homes, and they won't sell them for less. So if the seller's reserve price is $50,000 but the highest bid is $45,000, the home will not be sold.
For a complete list of auction rules, restrictions and bidder requirements, read the "terms and conditions" toward the back of auction catalog or on the company's Web site at www.USHomeAuction.com.
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About 100 Stanislaus County homes will be auctioned Tuesday, starting at 6:30 p.m. at the DoubleTree Hotel, 1150 Ninth St., Modesto.
About 70 Merced County homes will be auctioned Wednesday, starting at 6:30 p.m. at the Merced County Fairgrounds, 900 Martin Luther King Jr. Way, Merced.
About 190 San Joaquin County homes will be auctioned May 3 starting at 9:30 a.m. in the Stockton Arena, 248 W. Fremont St. Registration begins 90 minutes before each auction.