Foreclosures Create Opportunities For First Time House Owners

Posted in Foreclosure Homes, August 12th, 2008 |

The plummeting housing prices and soaring foreclosure create opportunities for first time house owners, according to a reputed auction house in Florida. In the yester years foreclosure properties were shunned as distressed properties that needed total over hauling before it became habitable and that was expensive. In recent times however foreclosure properties in the housing market draw agents and investors who understand foreclosure as good investment opportunities. Intelligent people purchasing a house for the first time dive into the market during such recession periods to retrieve property at bargain prices. The staggering real estate market, flooded with bank-owned foreclosure auctions allow purchasers heavy discounts on these properties, as the lenders, eager to dispose off these mortgages within the shortest period possible become very flexible.
Florida continued to be battered with foreclosure during the second quarter of 2008. RealtyTrac, the nation’s most trusted name in the real estate market and tracking foreclosure records in the nation, reported that Florida ranked as running the country’s fourth highest foreclosure rate during the past three months. One in every 78 households received a foreclosure filing which was twice as much as the nation’s average in foreclosure filings.
Dave Webb, Principal of Hudson and Marshall, the country’s most experienced foreclosure auction firm declared that 700 bank-owned homes in cities throughout Florida were to be auctioned in mid-August. Detailing the programme, Dave said, over 100 houses would be auctioned in Orlando, almost 100 houses in Tampa and more than 200 houses would be auctioned in Miami/Ft. Lauderdale area. The sellers paid for the title insurance of all the properties. The foreclosure properties were to be auctioned at ‘as-is-where-is’ basis, Hudson and Marshall confirmed. The buyers were allowed to carry out a thorough inspection of the house they wanted to bid for. After the sale, the successful bidder was required to deposit in cash or certified funds an amount of $2500 for each of the properties he had successfully purchased.
Hudson and Marshall, based in Texas, was America’s premier auction authority with forty years of auction history in the US. Maximizing sales, the company was able to sell 70,000 houses in the past eight years by means of an accelerated sales process, which efficiently sold innumerable properties that minimized expenses and maximized returns to the lenders. Last year, H&M total sales amounted to $1.2 billion and the company’s anticipated sales were stated to auction another 30,000 houses through 2009.