December 2nd, 2010 8:29 AM by Preston Ware
Foreclosure Sales in South Florida and across the Country
Homes in some stage of foreclosure accounted for a large portion of South Florida home sales in the third quarter of 2010. According to Realty Track 42% of home sales were in some stage of foreclosure in Broward County Florida. Rougly 31% of home sales in Palm Beach county were foreclosure related. Nationally 25% of all home sales are foreclosure related. Foreclosure sales are expected to decline in the forth quarter of 2010 due to the moratoriums that pulled many of these properties off the market in October.
Purchasing a foreclosure is always an opportunity to get a deal but currently bank owned properties usually get swept up by cash buyers or home owners with a strong balance sheet.
In many cases borrowers are required to show proof of assets up front or even a full blown commitment letter from a lending institution. It is my job as well as the realtors job to explain the pros and cons of making an offer on a foreclosure or short sale.