A Look At A Foreclosed Homes Auction In Florida

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What happens in a foreclosed homes auction in Lee County provides a good picture of what typically happens in most other foreclosed homes auction events held at court houses across Florida, as Lee County has been struggling with foreclosures just like other foreclosure-clobbered counties.

The Lee County foreclosed homes auction is held at the Lee County Courthouse, which is part of the six-story Justice Center in down Fort Myers. Every investor, prospective buyer, bank representative or anyone planning to participate in the foreclosed home auction goes through the centers security-check system to be able to enter the county clerks office where the foreclosed homes auction is held.

Auction participants congregate in a room usually used by jurors while waiting for a trial to start. Since there are only about 70 seats, some sit on the linoleum-covered floor.

Bank representatives stay in one section of the room so bidders would know where to look at to check if their bids are being accepted or rejected.

Most of the participants are professional investors who represent real estate investment companies. The others are first-time home buyers, retirees, people who are observing the process and people just checking if they have a chance to buy a good home at a low price.

Since regular work hours at the center end at 4 p.m., all auction sales should be completed by 4 p.m.

Prospective buyers should bring their cash or cashiers checks to be able to buy what they were intending to buy. Banks prefer cash buyers. Real estate agents in the county said banks typically accept the bids of cash buyers even if their bids are lower than the bids of buyers who are going to use home loans.

Just like most professional auction buyers, Sandbill representative Michael Cuevas has prepared well before the foreclosed homes auction. He has already visited the properties he has picked from among the 132 foreclosed properties listed for the auction.

Cuevas was able to buy a 1,800-square foot home for $100,000, a bargain when compared to the home loan amount of $442,000. Cuevas said his firm is going to spend $45,000 for repairs and then resell the home for $200,000.

Cuevas has bought 11 homes at courthouse auctions, bringing more profit opportunities for his firm. For the next foreclosed homes auction in Lee County, he will again research the properties and pick the ones with the most potential for profits and then prepare his cash, which is the one preferred by the banks.


About the Author:
Joseph Smith has been educating buyers on the finer points of Foreclosed Homes Auction in Florida at Foreclosure-Repo-Auction.com for over five years.



Article Originally Published On: http://www.articlesnatch.com


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