Foreclosures have hit a 13 year low, dropping to pre-2006 levels. Though it's enticing to get the bargain of a lifetime, buying a foreclosure is not for the faint of heart! Cash investors are in abundance and are buying up these properties sight unseen. If you're the typical buyer who wants to view the house before making an offer, you'll often find there are multiple cash offers that have been submitted the day they come on the market! It's like a feeding frenzy. I believe this is due to more people wanting to invest in Real Estate, yet there are fewer foreclosures on the market. According to MLS records, 261 foreclosures sold in Broward County in the first quarter of 2019. This may sound like a lot, but compare that to the 2,617 foreclosures that sold in the first quarter of 2010.
Of course the attraction to buying a foreclosure is the price! In recent years, banks are listing homes at current market value, with only a small discount due to their condition. Many of these homes have leaking roofs and mold, since the banks often don't pay to keep the electricity on. With South Florida heat & humidity... No A/C = a haven for mold! I once opened the door to show a townhouse and the walls from floor to ceiling were dark green and lined with mold. It was much worse than this picture, so I chose not to step inside that property!
It's important to consider how much money you're willing to sink into a home that has suffered from deferred maintenance for years, before you jump into buying a foreclosure. Also consider that most banks prefer cash buyers. Looking at the 261 foreclosures that sold in the first quarter of 2019, 177 of these sold to cash buyers and 59 sold through conventional financing. Only a small number sold through FHA, VA or Homepath Financing.
I believe for the typical home buyer, it's best to buy a home that's in good condition and has been well maintained over the years. But I have sold many foreclosures, know the process and can guide you through to a successful closing. So if you still think buying a foreclosure property in Broward County is right for you, I can help! My foreclosure search above contains all the bank owned properties currently on the market in Broward County. The properties below are the newest foreclosures to have hit the market.
Spacious 2 story condo at Courtyards Two Condo. Kitchen with bar and pantry.Balcony. The community has a pool, tennis, playground, and clubhouse, Conveniently located nea...
This is a reverse mortgage property and governed by HUD Guidelines for offers, list price reductions and repairs. Property is sold in as-is condition and no repairs or co...
CALLING INVESTORS, PROPERTY IS IN NEED OF REPAIR, NEEDS FLOORING, PAINT, INTERIOR UPDATES.