Find a Cheap Foreclosed Home Easily in Miami-Dade
A cheap foreclosed home can be found easily in Miami-Dade because of thousands of foreclosure homes available for sale in the county.
According to county officials, there are currently about 110,000 foreclosure homes for sale in the county and about 450 units are being sold each week.
The number of foreclosures in the county has so overwhelmed the county that it has decided to launch its own website to auction off foreclosure properties and put a dent on its fast growing inventory of foreclosures.
In Miami alone, about 7,000 residential units have been entering the foreclosure process each month. Based on data from a California research firm, the Miami-Pompano Beach-Fort Lauderdale metro area posted nearly 54,000 foreclosure filings in the July-September quarter, representing 2.23 percent of all households in the area and a substantial jump of almost 35 percent from filings during last year’s third quarter.
Although the report showed that filings slightly dropped from total filings in the previous quarter, total filings are still high, putting the metro area 14th in a ranking of 203 large metropolitan areas based on rates of foreclosures.
With thousands of distressed properties in Miami-Dade and in other parts of South Florida, it is no wonder that county officials thought of launching a website to facilitate its foreclosure sales so that anyone looking for a cheap foreclosed home can now find and buy one easily online.
According to Harvey Ruvin, the Miami-Dade clerk of courts, the county website will start operating fully on December 7, following 11 other Florida counties which had already replaced their courthouse foreclosure auctions with online systems.
Over the past years, public foreclosure auctions were administered in courthouses in counties as stated by Florida law. In these county courtrooms, investors and homebuyers jockeyed for bargain-priced properties, sometimes causing scuffles among bidders when bidding becomes intense.
Ruvin said that the online strategy would make auctions more orderly and more accessible to a lot of buyers. He mentioned that in other counties like Lee County which launched their online auctions before Miami-Dade County did, the electronic auctions encouraged more buyers to participate. Florida legislators revised the state law on public foreclosure auctions last year, allowing auctions by electronic means.
Lloyd McClendon, the CEO of the firm which won the contract to run county auctions throughout Florida, said that anyone looking for a cheap foreclosed home in Florida now has a chance to buy one.
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