Foreclosures Rise In South Florida – Leaving Buyers To Have Their Way.

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South Florida ranks 2nd in the nation in foreclosures having increased 111% from last month alone, according to RealtyTrac – and we can expect a flood of new foreclosures in the coming months.

The market is changing and with the increase of REO’s (Foreclosures) we are now facing a buyer’s market. One in every 78 homes was foreclosed upon in Broward County, FL with similar numbers realized in Palm Beach & Miami – Dade counties.

All is not lost – for those with good credit ratings and available funds this is YOUR time. South Florida has quickly turned itself around into a buyer’s market and current market prices are to be taken advantage of. Banks do not want to hold any one property for too long of a time - they have to write it down as a loss after a certain holding period.

For those who haven’t been hit by the current foreclosure flood, I give you this piece of advice – BUY! Our financial market has taken a severe hit, it’s struggling and the government is doing everything it can to promote spending.
The lowering of interest rates – the lower the interest rate; the more inclined consumers are to spend. That’s what the government and economist thinks. Take advantage of this and pair it with a weakened real estate market and you will come out on top.

The process of buying a home hasn’t changed much, the game is the same but the rules have changed a little. Stricter underwriting and screening process have taken effect – the banks can’t afford to take another hit due to “oversight” and “unethical behavior”.

Take advantage of the low home prices on REO (Foreclosure) properties, before you buy remember these 2 simple rules:

1) Get pre approved from a legitimate lender – banks do not want to see a pre approval from “The Mortgage Man” down the street. If you have a good credit rating and some money saved institutional lenders are waiting for you to walk through their doors.

2) Get in touch with a professional REO Broker. They are experienced in REO Foreclosures and can foresee potential complications that may arise with REO’s that other real estate agents can’t see. Not to mention that they will make the process smooth and easy for you, the buyer.

Posted By: Omar Salam