South Florida Foreclosures May Mean Bargains

South Florida Foreclosure News

MIAMI -- It's definitely a buyer's market in today's real estate rollercoaster.The number of available foreclosure properties is soaring in South Florida, Local 10's Julie Summers reported.

There are more than double the amounts of foreclosed properties than this time last year. While the crisis is painful to many, foreclosures can hold the prospect of profit for others. Experts advise caution, however, because foreclosures draw a fine line between big bucks and a big bust.

"You really have to know what you're doing," said David Dabby, a South Florida real estate analyst.To find a foreclosure, buyers should contact banks or realtors. There are also foreclosure auctions, Summers reported.Experts said it's no longer necessary to purchase a foreclosure list because there are plenty of ways to find distressed properties for free.The key is to make sure your foreclosure purchase does not have any title problems or liens on the property. A real estate attorney may be best equipped to help ensure a safe purchase.Buyers should also consider hiring a reputable realtor to assist in the purchase of a foreclosure. For a buyer the services of a realtor are free."The buyer doesn't pay a cent. The seller, or in the case of foreclosure, the bank, is paying the commission," said realtor Dan Kelley.There are plenty of distressed properties on the market. Florida now has the third highest rate of foreclosures in the nation with one foreclosure filing for every 95 households. But experts said this is still not a good market for people who want to "flip" a property, which means buying it at a bargain and then quickly re-selling it for profit.If a buyer is looking for a home to live in, a foreclosure can be a great buy with a nice percentage price break.Experts said a buyer should factor in what it will cost to fix up the foreclosure and experts also advice checking the neighborhood since several foreclosures in one area can bring prices down.A good rule of thumb is to avoid a neighborhood if more than 10 percent of homes are in foreclosure.The final word of advice from the experts is to be patient. Bargains are out there now. But the best may be yet to come."Nobody's giving away real estate yet in this market," said Dabby.

 

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