More than 300 foreclosed Minnesota homes will hit the auction block this Saturday in Minneapolis. The auction, which is being held at the Minneapolis Convention Center, is open to the public and is the fourth of its kind taking place in the last year.

Even though there will probably be some major deals happening this weekend, there might be 5000 reasons why someone might not be able to participate…5000 dollars that is! You see if a person is interested in participating, they need to bring a certified bank check for $5000 made out in their name. This allows them to enter the auction and those funds will be used towards any home purchase made during the day.

Real Estate Disposition Corporation (REDC), sells homes that are taken back by banks in “as-is” condition. Many of the homes have beginning bids in the thousands of dollars range and winning bidders have to put down cash deposits equal to 5 percent of the final purchase price. Earlier this month, consumers had the ability to inspect the homes that will be included in the auction this weekend.

REDC says that it typically is able to move about 85% of the inventory that they begin the day with.