Bid and Assume Auctions
I am new to REI, actually I haven't even been brave enough to actully buy yet. I was just wondering if anyone out there has ever purchased land in one of the (supposedly government) bid and assume auctions? Your down payment is your bid then you assume a low payment such as $180 a month on the mortgage.
Are these auctions a good idea, or is it just property that no one else wants to buy. I've noticed that a lot of them are out in the Midwest and Texas and there isn't really a tremendous growth in property value anyway. Could this be the reason? Anyway, if someone could enlighten me on this it would be appreciated. Thanks.
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