I've been a foreclosure auction manager for three years now and yes, it's a real job. If the property doesn't sell at the foreclosure sale, it becomes bank-owned. And the bank can choose to use my company's site to host an online auction and yes, it's a real sale.
The real estate meetings that I go to every week have investors that share their stories every time about an online auction purchases (REO or 'bank owned') and their interest in watching me sell in-person at the courthouse (foreclosures). Many stories are complaints but many stories are also successes. I've even heard of a story where a guy bid online for a house "on a dare" and then won! And yes, on the website he signed a legal agreement to pay upon close of the online bidding....so he did and put another $20K rehab money in and said it turned out to be a pretty great house!
When I first started attending REIA meetings, investors often said, "You're real!" And I'd ask what they meant. And they would note that they thought the online sales were just some web-based hosting company.....and were delighted to meet a local rep to answer their questions!
If you are struggling to understand the world of "distressed properties", I encourage you to attend a local investor meeting group. Many are found by googling "REIA" or by looking at Meetup or similar sites. One of my favorite local meetings is called MAREI and you can check out their website.
Let me know if you plan to go so I can make sure to say HI!
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