Feb 14, 2008 11:52 pm US/Eastern
Foreclosures: One Man's Pain, Another's Treasure
Click Here Fore More Information On The Auctions & Requirements
MIAMI (CBS4) ―
Thousands of South Florida homeowners are facing the difficult reality of losing their homes to foreclosure but out of their pain might come someone else's pleasure--finding a house at a bargain price. Here's how you can find a deal in this slumping market.
How much would you pay for a 3,600 square feet waterfront property with four bedrooms, and a TV the size of a wall?
You might get the chance to find out, because such a home is up for auction—along with dozens of others.
"We can move a lot of properties on one day and get people buying again," said Martha Wilkinson.
Wilkinson works for Kennedy Wilson Auctions. On March 9th the auction company will sell off about 100 homes and condos in Miami-Dade, Broward and Palm Beach counties. Right now banks own all these foreclosed homes, and they might turn into a bargain for you.
"We have a lot of first time home buyers. We have a lot of people buying a second home and then we have investors that buy multiple properties," she said.
The homes range from the luxurious to the ones that need lots of tender loving care. At auction are all the homes, including a 3,900 square foot home in Coral Gables, which starts at a minimum bid. Then, after about two minutes, offers pour in and the home is sold.
It's important to remember that each of these homes tells a story--a story of a person or a family who used to live here but lost the home to foreclosure. The couple that lived here told
CBS4's Carey Codd they were so excited to own their first home, but feel they were misled about how much they would have to pay each month. And when the bills came due they couldn't afford and they lost the home.
Kennedy Wilson Auctions says the condo and the other homes represent an opportunity--an opportunity to turn a vacant, foreclosed property into a home.
"We're making the positives out of that unfortunate situation for someone else and making it a great situation for another person."
If you want to attend the auction and bid on a home, you need to pre-register and pre-qualify for a home loan. If you want to see these homes there are several open houses that will be held over the next few weeks.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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