I get that this is probably the wrong point of the market cycle to be discussing foreclosure auctions, but how are these things in terms of sourcing deals? I know they can be hit or miss with buildings (the property can be more or less of a trainwreck than anticipated). But what about vacant land that is zoned for multifamily in NYC? Can I expect to get a slightly better deal than market (even 3-5% helps) or are these things going to be just as expensive as what's being marketed on Loopnet?
I figure a few dozen people bidding on something is better than the entire fucking internet having eyes on it. Plus, even if I am paying market, an auction sounds more fun than having a broker try to sell me stuff I don't want.
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