Foreclosure auctions are different to the open market. Not just the 'setting the price' but also the mechanics of 'knowing what you're buying' etc. In other wo

Foreclosure auctions are different to the open market. Not just the 'setting the price' but also the mechanics of 'knowing what you're buying' etc. In other words opportunities like even entering the building (in some cases) or doing a proper property inspection will likely not happen. For this reason it's a pretty high-risk situation, and that risk will be factored into the bids. Equally the bidders will be "professionals" - people who understand the process, risks and so on. In some cases the full purchase amount is due on the fall of the hammer, in others after a very short period (like 24 hours.) For all these reasons, you don't really need a long notice period. The buyer pool is already on the bank's mailing list, and need no more than a few hours to figure out their "best price". Make no mistake, buying foreclosed property is risky. Which is why the price is (severely) depressed. Yes you can make money. More likely there are additional significant costs. (Like outstanding property taxes.) Some of that is disclosed, most is not. While I've no doubt networking remains the root of a lot of business, and the benefits of networking are serious, there's likely no corruption here. This sort of sale us not "open market".