Fort Lauderdale Foreclosures | Opportunities to Buy Below Market Price

Posted by John Sabia on Tuesday, September 2nd, 2008 at 4:52pm.

Find Affordable Fort Lauderdale-Area Foreclosures Fort Lauderdale Waterfront Homes Fort Lauderdale Foreclosures are at an all-time high as well as in other areas in South Florida and nationwide, and they offer the perfect solution for buyers who are interested in purchasing a new home at a cost below market prices. Along with a wide variety of properties, there are several types of foreclosures, including pre-foreclosures also known as "short sales", bank foreclosures and HUD foreclosures. When a homeowner is unable to make the payment of the requisite amount in the agreed time period, the property is reposed by the lender and resold in an auction in an effort to recover the amount that was lent. While many banks and government agencies publish lists of their foreclosed properties, real estate agents can help save buyers money, time and stress when finding and securing a foreclosed home. Realtors can obtain information on foreclosed homes from title companies, lenders and a variety of resources at their disposal. Realtors can also explain the government auction process and aid potential buyers in the purchase of a government foreclosure home. Quality real estate professionals work closely with banks to sell their foreclosures and put them back in the hands of homeowners. Buyers should chose a Realtor who is very knowledgeable about the neighborhoods they are interested in. Those interested in purchasing a foreclosed home may also want to check out listings posted online, but beware that many of these Web sites, such as Foreclosure.com, require a small fee. Other Web sites allow buyers to view listings for a short trial period for free. Popular online resources include Hud.org and Realtor.com, and Web sites such as Trulia.com allow buyers to ask questions about foreclosures specific to their city, state or region. Although challenging, buying a foreclosed property can certainly yield major benefits to homebuyers in search of a bargain. Like many aspects of the real estate world, patience is key. Find a good agent and request a full inspection of the foreclosed home before making a purchase. While foreclosures can offer great bargains, don’t limit your search for the perfect home. In today’s market, inventory for Fort Lauderdale Homes and Fort Lauderdale Condos is presently at a 20+ month supply without any new homes coming on the market.  Privately held homes are selling below market value and the process is typically shorter than going through the bank. When buyers go through a bank as oppose to an individual, it can sometimes take a month or two or longer to receive a response to an offer. Short sales are considerably longer.  A good agent should be able to show you a balanced mix of deals on foreclosed and privately held homes. For more information about buying or selling a foreclosed property in Fort Lauderdale, contact John Sabia today at 954-850-2397 or visit the #1 Fort Lauderdale Real Estate web site.

John Sabia

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