Florida Foreclosures Rise Followed By Rising Auctions

Posted in Foreclosure, March 31st, 2008 |

Foreclosures in Florida more than tripled in the fourth quarter of 2007 from what it was during the same period on 2006. More buyers are flocking to foreclosed house auctions as the real estate markets continue to nose dive.

America’s giant auctioneers Hudson & Marshall is scheduled to auction more than 500 foreclosed bank owned units from 7th to 13th April. In Miami alone 200 houses will wait for the anvil. In Orlando and Tampa the number is 100 and 80 respectively. The asking price ranges from $34,000 to $700,000 for houses whose insurances have been paid and title deeds clear.
A representative of Hudson & Marshall, Dave Webb comments that a frenzy of buildings and increased number of foreclosures have led to Florida leading other states in this crisis. But this is a great time for buyers who shied off during the boom housing price rise. A bargain can be picked from the auctions as banks are anxious to be relieved of the weight and agreeable to sell them at massive discounts.

A survey notes that in January 2008 the prices of single family houses continued to slide in the country. Las Vegas and Miami reported 19.3% decline – the steepest among all the metros.
Hudson & Marshall would auction foreclosed houses during April at Fort Myers, Jacksonville, Daytona and Port Charlotte, Port St. Lucie, Melbourne and Tampa as well as Miami, Fort Lauderdale and Orlando. The houses would be sold on an as-is basis. Prior to bidding the prospective buyers could inspect the units on 5th and 6th April during 2 hours in the afternoon. Further details are available on their website.

The winning bidders are expected to be prepared with cash or cheque deposit of $2,500 or 5% of the sale price – whichever being higher. By going online buyers can bid. Sellers generally call back within 24 hours. The auctions are reserved – the sellers have a right to accept or reject the offer. So far of all the auctions conducted by Hudson & Marshall none have been rejected.
Hudson & Marshall is a name in the auction business having been in operation for the last 40 years. It has set a standard for satisfactory service – a yardstick that it continuously endeavours to maintain and excel. Both buyers and sellers are satisfied with their handling of the matter. Their clients range from individuals to medium and corporate bodies.