Depending on competition from other bidders, you can generally buy properties at public auctions for 25 to 35 percent below market value.
If somebody spends 10 hours a week for five weeks to do research, it's worth it.
Lenders are selling properties at market value, especially if it's a desirable property. The lender who owns the property is not under any obligation to sell at any great discount.
Since they are nonperforming assets, banks generally want to get them off their books as quickly as possible.
