Oct 21, 2007 12:02 am US/Eastern
Foreclosure Auction Sells Off Hundreds Of Homes
FORT LAUDERDALE (CBS4) ―
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Thousands of condos are under construction in South Florida, but sellers are having a hard time finding buyers for the ones that are already built.
CBS4
You don't have to look far across South Florida to see a home for sale, and the latest real estate crisis means record foreclosures. Saturday a mega auction of foreclosed homes in South Florida was carried out.
The Broward County Convention Center was the site of one of the country's largest foreclosure auctions, with valued homes going for bargain prices at the blink of an eye.
"The hammer's up! 97-98...bang! 97 thousand."
Hudson and Marshall auctioned off more than 400 foreclosed homes from across the state, and investors like Robert DeVivo came out with their game face, hoping to get a good deal.
"That's what we're here to explore also, because we're looking in a general area where we live, but properties are still going for quite a bit of money," said DeVivo.
"And now 10...and 110."
The fast talking auctioneers didn't scare potential investors away--who believe this is the time to buy.
"It's beneficial for everybody," said Charbel Abud. "There's going to be a lot of buyers that can be able to afford property, but now, basically everybody can afford a house."
Many did their homework before making a bid on a home, by bringing not only their checkbook--but their realtor.
"[I provide] my knowledge of the area, the home where she is, how long it's been on the market, what they paid for it," said Realtor Carolyn Cernuto.
But in the end it's about being able to take advantage of the real estate market at a time when many are shying away from it.
"Unfortunately, there's a good side and a bad side to the business. A lot of people are getting hurt, but this is good, cause it's going to get the properties back on the market and get the money flowing again."
If you don't do your homework before going to an auction, you might lose your money as fast as you made your bid, There are certain risks you should be aware of before going to an auction.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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