Video from the Northern California Foreclosure Auction held at the San Mateo Event Center on February 23, 2008. This auction was not done on the courthouse steps, and buyers could use bank loans to buy these properties. Bidders had to come with $5,000 in certified funds, bring a checkbook to make up the difference for a minimum 5% down payment on whatever property for which they were the winning bidder, and be pre-approved for a loan through Countrywide. Also, all winning bids were subject to a 5% buyer's premium on top of the winning bid amount.
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