I Want To Buy A Foreclosure in Fort Lauderdale !

Posted by Eric Miller on Thursday, November 14th, 2013 at 8:26pm.

When you decided that you wanted to buy a foreclosure in Fort Lauderdale and it was time to start exploring, did you expect to find an incredible property, at a great price that simply matched your expectations as a buyer of Fort Lauderdale Real Estate?

Did you expect the process to be simple? You already knew the banks owned properties they needed to get rid of. They were waiting for your offer, right! So what could go wrong for a ready willing and able buyer looking for a foreclosed bargain in Fort Lauderdale Real Estate today?

The good news is you have found this article by Eric Miller of Keller Williams Realty professionals in Fort Lauderdale and you have read this far. If you continue we can’t guarantee that you will find your dream home sitting as a foreclosed Fort Lauderdale property but we can guarantee that we will help you have realistic expectations as you approach the Fort Lauderdale Real Estate market.

It would be rude of me to simply say, “When it comes to foreclosed bargains in Fort Lauderdale real estate that ship has sailed”. So I will not say that, however, I will say that finding a bargain in Fort Lauderdale Real Estate has more to do with being an educated buyer that simply looking for a foreclosure”.

In today’s Fort Lauderdale Real Estate market when it comes to foreclosures there are some facts you need to know, and some rumors you may wish to accept.

 Fact #1 – At the time of the writing of the this article there are less than 10 Foreclosed condominiums on the market, east of the intracoastal, (meaning near the beach) on the market in the City of Fort Lauderdale.

Fact # 2 - Amongst these condominiums for sale the least expensive two bedroom is $199,000 and the average two bedroom is asking $300,000, and there is one available Fort Lauderdale beach area condo foreclosure available for $1,150,000

Fact #3 – The average days on market for foreclosed properties in this area over the last 90 days is less than 30 days, and most of that time was spent with the bank waiting to respond to offers.

Fact #4 – Most foreclosures are selling at or above asking price.

Fact #5 – Many foreclosures are priced artificially low to encourage multiple offers and end up selling in an auction type fashion to the highest bidder.

Rumor #1 – “ A wave of foreclosed properties are coming” -  Sorry just not true, banks and their investors certainly want to control the inventory to keep prices up, and pent up demand will make any wave look more like a trickle.

Rumor #2 – “At the end of the year banks are going to give away properties to get them off their books”, False – at anytime of year banks will give away properties that nobody wants and at the end of the year they will be more aggressive about getting garbage off their books.

Rumor #3 – Simply my favorite – “I hear things are really cheap if you buy them at the courthouse steps”, False- we no longer have courthouse steps in Fort Lauderdale and all of Broward County. Foreclosure auctions take place on-line and in a majority of the cases this is simply part of the process used by the banks to ultimately take back the property which will come on the market in the future, and in reality sell for market value.

Are there still bargains to be had in the Fort Lauderdale Real Estate market, absolutely! However, a bargain comes in many packages and most importantly it’s got to be the right bargain for you. At Eric Miller and Associates we are here to help you find just that bargain, and help with all your area real-estate needs.

 

Eric Miller is an award winning Florida Realtor, salesperson and broker. His website, FortLauderdaleGroup.com provides an up-to-date guide to Fort Lauderdale Condos for sale, and the most complete buyer, seller and investor information for the Fort Lauderdale Real Estate Market.

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com

Sign up for email updates