Feb 8, 2009 10:02 pm US/Eastern
Hundreds Of Homes Hit The Auction Block
FORT LAUDERDALE (CBS4) ―
Hundreds of bargain hunters hoping for a great deal on a new home or an investment property attended a foreclosure auction at the Greater Ft. Lauderdale/Broward County Convention Center on Sunday.
Organized by the Real Estate Disposition Corporation, more than 250 homes, townhouses and condos were put on the block with starting prices 40 to 60 percent below the home's listed value. About 85 percent sold, according the California company that conducted the auction.
Ione and Robert Quintela smiled Sunday; they found a home for a steal. Their Boca Raton townhome was worth at least $200 thousand. They only paid $55 thousand.
"I'm very excited" beamed a smiling Roberto Quintela.
Ione Quintela is pleased they won't be paying rent anymore. "I never thought I could afford a home, because I never had the money before. But now we have the opportunity. We got it!"
It was an opportunity for many who were there. "This is among the lowest prices we've seen," company representative Trent Ferris told CBS4 News Reporter Joan Murray. "You're bidding against other people. The price is set here at the auction."
The Quintela's had a little help navigating the unfamiliar real estate waters. Their friend and realtor Antonio Duarte was with them. He says he is not taking a commission even though the Quintela's wanted to give it to him.
"I don't want the commission. I'm adding it to the cost so the bank will make a decision in their favor. What they bid is below what the bank wants to sell it for," Duarate explained.
Admission to the auction was free but at check-in bidders are required to show a $5 thousand cashier's check or cash to verify that they are able to deposit the required earnest money if they are a winning bidder. A five percent buyer's premium is added to all winning bid amounts.
Sunday's auction was just one of ten the company will hold throughout the state in the next week where prospective buyers will have a chance to bid on more than 18 hundred properties.
On Tuesday the auction will move to Jacksonville and Pensacola; on Wednesday properties will hit the block in Kissimmee. Bidders in Ft. Myers, Charlotte and Orlando will get their chance next Saturday. Next Sunday it will be held in Miami and then in West Palm Beach on the following Monday.
Click Here for more information on the properties listed in upcoming auctions.
A record 4,065 Florida homes were auctioned last year for $386 million by the company.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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