As of 10:01 AM, yesterday, a Coral Springs condo went back to the lender for $700. And with that Broward County ushered in online foreclosure auctions.
According to the cheif executive of RealAuction.com, Lloyn McClendon, about 3,000 users flooded the website, Broward.realforeclose.com, because of all the local media coverage. This influx really slowed the process down. Normally, first-day users in a given county total about 800. McClendon states: "It was rocky."
The company made some changes, and McClendon expects a smoother today. Now, bidders can register by clicking here. Registration is free, but the county will charge a $60 fee to each winning bidder to cover the cost of automating the auctions. More than 2,200 people had signed up as of Monday.
Participants must meet minimum bid requirements set by the lenders that own the homes. Otherwise, the banks will take back the properties. You have to be careful before you start bidding. Read the warnings posted on Broward's website.
Some novice bidders in Miami-Dade and other counties thought they were getting great deals, only to learn that they mistakenly bought condominium liens and properties with other mortgages.
According to the cheif executive of RealAuction.com, Lloyn McClendon, about 3,000 users flooded the website, Broward.realforeclose.com, because of all the local media coverage. This influx really slowed the process down. Normally, first-day users in a given county total about 800. McClendon states: "It was rocky."
The company made some changes, and McClendon expects a smoother today. Now, bidders can register by clicking here. Registration is free, but the county will charge a $60 fee to each winning bidder to cover the cost of automating the auctions. More than 2,200 people had signed up as of Monday.
Participants must meet minimum bid requirements set by the lenders that own the homes. Otherwise, the banks will take back the properties. You have to be careful before you start bidding. Read the warnings posted on Broward's website.
Some novice bidders in Miami-Dade and other counties thought they were getting great deals, only to learn that they mistakenly bought condominium liens and properties with other mortgages.
Chief executive of Miami Beach-based Sterling Equity Realty, Robert Ziehm, stated:
“I would like to send out a stark message to the good people of Broward. Seek the advice of professionals and educate yourself thoroughly before making your first bid. ... This is not eBay.”
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