California home auction opens doors for movers

An affordable option has become available for homebuyers looking to move to Southern California.

The Real Estate Disposition Corporation will auction off over 100 bank-owned homes in the Inland Empire metropolitan area on July 24. The homes, which were repossessed by Bank of America, have been professionally inspected and repaired and are now available for bidding by prospective homebuyers. Bidding will begin at 8 a.m. at the convention center in Ontario, California.

Interested movers should bring photo identification, funds for deposit, W-2s from the past two years, their most recent 30-day paystub, a recent utility bill, and their two most recent bank statements on all accounts, said the REDC. The Irvine-based company sold 368 properties worth a combined purchase price of $32.7 million in similar auctions in Arizona, Nevada, and California.

Officials from both the REDC and Bank of America hope the auction will attract movers and help stabilize Inland Empire's housing market.

The region, which borders Nevada and Arizona and comprises San Bernardino and Riverside counties, has been slammed by defaulted loans and repossessed homes in recent years. About one in every 106 homes in Inland Empire faces foreclosure, reported housing tracker RealtryTrac.com.

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