Foreclosure auctions not for faint of heart, wallet
Lawyer Paul Ciminelli stands in the corner on the steps of the Monroe County Office Building on a rainy morning. Acting as a referee for the court, he calls out to prospective interested parties for 33 Henry St., with an opening bid of $21,953.76.
No one is present at this 9 a.m. auction, so Ciminelli announces that the property is sold to HSBC, the holder of the mortgage, for the starting price.
Just about every weekday on the steps of the County Office Building downtown, houses are sold at foreclosure auctions. The properties run the gamut from small fixer-uppers to larger single-family houses.
If you’re someone looking for a deal at the auction, you need to be prepared with funds and to be able to make a quick decision, Ciminelli said.