Today's Sun Sentinel has an article on foreclosure homes in southeast Florida - or rather, an interesting spin on how foreclosure homes are being marketed. Some real estate firms are now offering "foreclosure tours" whereby they take groups of people out to see about eight or so of these properties. In some cases, potential buyers (who are sometimes required to pay - perhaps $30 - to take part in a tour) are ferried around in a limo for an all-day trek, with lunch and drinks included.
The article also has some enlightening statistics about foreclosure homes in southeast Florida. In Broward County, in March 2008, 3,133 people were about to foreclose. For Palm Beach County, that figure was 1,992 homeowners.
The article also tells of some of the myths of foreclosure properties, namely that incredible bargains are to be had. Whilst foreclosed homes may go for well under their listing price (or their value a year or two ago) if one person is interested in buying, they're likely to be bidding against several others. Furthermore, some foreclosed homes may be in very poor condition and will require extensive work after purchase.
Article: Road to foreclosure in S. Fla.: A closeup of available homes (Sun Sentinel, 18th April 2008)
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