Don't Let The Bad Economy Get You Down!
Jul 8, 2009 11:16 pm US/Eastern
Foreclosure Auctions Are Taking Over
MIAMI (CBS4) ―
Many homeowners in South Florida are having a hard time selling their homes and that includes dozens of banks. This weekend
CBS4 has learned banks are planning to auction 300 homes. Some are starting as low as $59 thousand.
Wednesday we toured some of the homes for sale to see if they really are bargains. Our first stop was a three bedroom townhouse near Brickell. A few years ago it sold for $650,000. This Saturday the bank plans to auction it off starting at $119 thousand.
Iliana Abella with Greater Miami Investments told
CBS4, "My suggestion is guys run, because this is going to be a great deal for any buyer."
CBS4's David Sutta told her, "Well, you're expected to say that because you're the realtor."
"Of course," said Abella, "I honestly feel that it's a good deal."
Abella is one of hundreds of realtors who are taking what's not moving to the highest bidder.
"I've owned my own company for 10 years. I've never seen anything like this, ever," Abella said.
The properties run the gamut:
-A 3,200 square foot mansion in Coconut Grove starting at $189,000
-A 2,000 square foot home in Miami for $69,000
-A home on cul-de-sac, with pool, for $59,000 in West Miami
Sutta asked realtor Fernando Arrate about the West Miami home, "Does it sell for 59 thousand?"
"No, no. Most people think they can get it for a little bit higher than that, between 180 and 230, something around there," Arrate said.
Arrate doesn't believe the asking prices will reflect the final prices. But he thinks you will get a deal.
For more details on Saturday's auction go to
Auction.com
When: Saturday Jul. 11, 2009
Where: James L. Knight Convention Center- Room: Theater 400 SE Second Ave, Miami, FL 33131
Time: Registration Starts Promptly at 8:00 a.m.
Auction starts promptly at 9:30 a.m.
What to bring: Last 2 yrs W-2 - $2,500 Cashier's Check ($5,000 for each subsequent) - Checkbook for balance of 5% Earnest Money Deposit (15% for each subsequent)
To see the listings we aired on our segment call:
Illiana Abella at (305) 444-9979
Fernando Arrate (305) 609 9462
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
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