Foreclosed Perry Hall Condo Auctions for $68K

Chris Drewer and Ryan Brown planned to split the investment cost of a Perry Hall condominium, sold during a brief public auction Tuesday afternoon.

"We wanted to pay $50,000," Drewer said, adding that he and Brown purchase investment properties "on the side." The men, both Perry Hall residents, work as Realtors for Advance Realty.

But the bidding price of Unit 204 at 2  exceeded their expectations. Drewer and Brown dropped out of the bidding at $67,500. It sold for $68,500 to a man and woman who declined to be identified.

Auction staff with Williams & Williams were contracted by the bank that owned the property. Information on the bank that owned the property and when it was foreclosed was not readily available, staff said.

Bidding in the parking lot outside the unit lasted less than seven minutes. 

A major reason banks auction properties is because it speeds up the selling process, said auctioneer Monte Lawderman.

"Banks get rid of the holding cost, which can be around 18 percent [of the total value]," Lawderman said.

In spite of the higher than anticipated cost, the condominium could still turn a good profit, said Drewer. Perry Hall's quality schools are a major selling point for renters, he added.

The complex has a history of . The latest blaze at 12 Juliet Lane , but both Realtors said this doesn't devalue the units. 

"Lightning can strike anywhere, anytime," Brown said.