Auction of Florida Foreclosures Offer Opportunities for Buyers

by Donald Hanz on States

National foreclosure rate continues to be high, resulting to decline in home prices as well as large inventories of bank foreclosures for sale. Considering that market conditions are just perfect for buyers, you can bet that foreclosure auctions in states like Florida are well-attended.

Foreclosure auctions are considered to be the best venue to own a foreclosed home. These auctions involve the sale of repossessed homes at great discounts especially since lenders are more than eager to unload these properties to avoid high holding costs.

On August 12 to 17, the foreclosure auction company Hudson & Marshall will be auctioning off almost 700 Florida bank foreclosure homes. All foreclosed properties have title insurances which have already been paid by the mortgagor/seller. Bidders who are lucky to own one of these foreclosures are required to deposit $2,500 worth of certified funds or cash.

The foreclosure auction firm is quite excited with the scheduled auction considering the increasing popularity of foreclosure properties among real estate investors and first time buyers.

Foreclosed homes offer greater return potential since they are sold below their current market prices. In most cases, the asking price is based on the mortgage debt owed on the property. For buyers, buying a home that resembles the property next door but sold at a lower price us certainly a good deal.

Of course, buyers should never forget to consider the physical condition of these properties since they are sold ‘as is’. Because of this, it is recommended that buyers set aside money for repairs and renovation. It would help that the property has been professionally-inspected before the buyer joined the auction and made the bid. Most auctions are announced and the list of foreclosure properties is included in the announcement.

In this case, an open house is scheduled on August 9 and 10, allowing interested buyers to get a glimpse of the foreclosure properties for sale. If attending this auction is not possible, buyers can still check out foreclosure homes for sale from other foreclosure brokers in the area.

Florida remains to have one of the highest foreclosure rates in the country with one filing for every 78 homes.