RTC Will Offer 40 Homes in 3 Counties at Auction on Sunday

The Resolution Trust Corp. is offering 40 homes in Orange, Riverside and San Bernardino counties at an auction Sunday at the Sheraton-Anaheim Hotel.

Included in the auction, which begins at 2 p.m., are condominiums, townhomes, detached, single-family residences and several fourplexes.

The auction is being run by Chicago-based David Kaufman & Co.

The auction brochure lists 20 homes and three fourplexes in Orange County, including homes in Coto de Caza, San Juan Capistrano, San Clemente and Dana Point.

The most recent asking prices for the properties range from $102,000 for a home in Fontana to $430,000 for a Dana Point residence.

In a real estate auction, the auctioneer sets the starting bid. The RTC has established reserves for each property. The reserve, which is not published, is the minimum price the auctioneer can accept for a property without a specific authorization from the RTC.

But a spokesman for Kaufman & Co. said that the RTC has never rejected a bid at one of its auctions.

Auction registration begins at noon Sunday, with a pre-auction seminar scheduled for 1:30 p.m. The Sheraton-Anaheim is at 1015 W. Ball Road.

Information can be obtained by contacting the auction office at 2540 Main St., Irvine, or by calling the auction information center at (800) 858-5700.