Comment by hunterpayne

I'm sure that happened at least once, but most of the time it didn't. This is where the concept of the penny auction came from. Those were far more common. Basically locals prevented outsiders from bidding in foreclosure auctions by either tricking or physically preventing them from getting to the farm (where the actual auction was held). Then the original owner bought the farm back for a few pennies as there were no other bidders.