BUFFALO, N.Y. — It's back for another year. Erie County is auctioning off foreclosed properties at the Buffalo Niagara Convention Center.
This year, the county reports a little over 1,200 foreclosed properties. These aren't just homes but vacant lots and old factories.
"The goal is to auction tax-foreclosed properties and return them to the tax roll," says Margret Hurley, Attorney at Lippes Mathias.
She continued, "This auction has several years' worth of proceedings. Properties that were auctioned at earlier year proceedings but were adjourned or purchasers defaulted on contracts, those are eligible to be reoffered this year."
Realtors say they see more and more foreclosures every year. Ryan Burke with Keller Williams Realty says foreclosures are on the rise in our area, and data shows New York state to be 14th in the country for the most foreclosures.
"Any unforeseen life events can contribute to ending up on the auction block here," Burke says.
Burke says buying a home from the auction block is like playing Russian Roulette; it's a gamble.
"Typically, these properties need a lot of work. That work can be extensive. You're talking roofs, plumbing, foundation, electric issues, and cosmetic issues," Burke said.
Despite that, Burke says there are also pros, like affordability, availability, and a potential return on investment. To see a full list of foreclosures in Erie County click here.
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