The misfortunes of homeowners and developers who have faced property foreclosure can mean opportunities for potential homebuyers.

On Nov. 15, interested buyers can place bids on new condominiums up for auction in a development just inside the Raleigh beltline.

The bank that took over ownership of the Residences of Meadow Wood Park when its developers couldn't pay its loan has ordered that the 36 unsold units be auctioned to the public.

The minimum bid is $75,000--at one time, some of the units were priced at nearly $270,000.

Rowell Realty and Auction has set up weekend open houses for interested people to tour the property. Go to http://www.raleighcondoauction.com/ for more information.

A few dozen people came out to an auction Wednesday to try to get a deal on a bank-owned home.

Auctioneering company Hudson & Marshall had twelve properties on the auction block in the Triangle area. The auctioneers are also making stops in the Triad, Asheville, and Charlotte this week.

"We think definitely we'll be back a few times in 2010 and 2011, with some auctions," said auctioneer Bret Richards. "I don't know if I'm going to be selling five or ten in Raleigh, but we'll certainly have an opportunity for owner-occupants and investors to step back into that real estate market buying place."