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Oct 5, 2009 6:19 pm US/Eastern
Foreclosures Open New Doors For Homebuyers
MIAMI (CBS4) ―
Foreclosed and abandoned homes have become enough of a blight on neighborhoods that the federal government's spending millions of dollars to help get them cleaned up and sold.
The latest numbers show the problem of abandoned properties around South Florida is getting worse. Through the end of September, foreclosure filings were up another 25 percent. With more than 74,000 residential properties already in foreclosure, South Florida's numbers could approach 100,000 this year.
But the up-side is all those foreclosed properties represent new opportunities for first-time homebuyers, like Satti Taki. The customer service representative said, "After a long time of renting, I filled out the paperwork and went through all the red tape and got qualified to buy a foreclosed home."
With the help of her bank, she applied for a Neighborhood Stabilization Plan Loan. She was approved for up to $50,000 towards a $100,000 home by the City of Pembroke Pines.
She's been busy the past few weeks looking at foreclosed properties.
But she still can't find anything she can afford. She added, "It's great that I'll be able to qualify and get up to $50,000 for a home, but prices are expensive in Pembroke Pines and there's nothing available."
Affordable Housing Specialist Edith Bynes of BankAtlantic explained, "It's done through the city or county through the federal government. They set up the applications and filings to purchase foreclosed homes the NSP program."
The federal program provides up to $50,000 for qualified residents. It's administered through local governments and must be used within 60 days.
For Taki, that means she has to find her new home by the end of October or start the entire application process thru another city with more affordable prices. "With all the ads featuring foreclosed properties, I still think I can find a home, but probably not in Pembroke Pines."
The clock is also running on the up to $8000 first-time homebuyers' tax credit, which ends in November. All in all, it's safe to assume a lot of first-time buyers will be busy for the next few weeks finding bargains they can afford, before their funding or tax credits expire.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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