Fort Lauderdale Foreclosed Homes and Houses for Sale

Numerous Options in Picturesque Locale

The foreclosure auctions scheduled to take place in Fort Lauderdale, FL in the next few days feature as many as 2,401 foreclosed homes and houses for sale. These properties sport a median listed price of $214,372. In striking contrast, the other 5,174 MLS and FSBO houses also set for sale sport a considerably higher median quoted price of $358,000. It is no wonder that prospective homebuyers are queuing up in huge numbers at the ongoing real estate listings auctions in Fort Lauderdale in their hunt for gorgeous homes at affordable prices. Leading real estate agents of the city whom you could seek advice from to your profit include Nick Welsh, Dennis Hayes, Mike Mangold, Barry Dunn and Gene Whiddon.

Fort Lauderdale is located in and is the county seat of Broward County in the US state of Florida. It bears the sobriquet of “the Venice of America”, on account of its extensive and complicated system of canals. Besides, the city is a tourist hotspot, drawing close to 11 million visitors annually. The city is famous for its nightlife, served by over 120 nightclubs and over 4,000 restaurants of diverse hues. The city is a leading yachting center, boasting of over 110 boatyards and 42,500 resident yachts. Fort Lauderdale is a key city of the South Florida MSA {metropolitan statistical area}.

Fort Lauderdale is set amidst a cluster of thriving cities and towns, a few of which may be mentioned as Margate, Miramar, Wilton Manors, Parkland, Pembroke Park, Tamarac, Davie, Coconut Creek, Southwest Ranches, West Park, Sunrise, Lauderdale Lakes, Cooper City, Plantation, Pembroke Pines, Weston, Deerfield Beach, Hallandale Beach, Coral Springs, Oakland Park, Pompano Beach, Lighthouse Point, Dania Beach, Hillsboro Beach, Lauderdale-by-the-Sea, Lauderhill and Hollywood.

The diverse neighborhoods in the suburbs of Fort Lauderdale include Bonnie Loch, Chula Vista Isles, Edgewater, Kendall Green, Golden Heights, Leisureville, Miami Gardens, Palm Aire, Rolling Oaks, Tedder, Utopia, Sunshine Ranches and Terra Mar. Fort Lauderdale is also hemmed in by the following CDPs or Census-designated places as Franklin Park, Washington Park, Hillsboro Pines, Roosevelt Gardens, Sunshine Acres and Hillsboro Ranches.

Discounted Pricing of Foreclosed Homes

When a homeowner continues to default in making her mortgage payments, the lender takes recourse to legally foreclosing or seizing the property in question. The foreclosing authority could variously be HUD, VA, Fannie Mae, Freddie Mac, Sheriff, or banks. Indeed, banks comprise the predominant category that is seizing homes all over the US. Since the seizing bodies are not real estate players per se, the foreclosed homes merely represent their NPAs or nonperforming assets. They are, therefore, naturally keen to convert such REO or real estate owned into liquid assets. Property auctions enable them finding a buyer with ease.

Moreover, since such seized homes already have had varying mortgage payments made towards them, the auctioneer only seeks to recover the pending loan amounts from the auction of the seized homes. This translates into a boon for potential buyers, who get the rare opportunity of purchasing splendid homes in classy colonies in fast-growing cities at frequently half their usual market prices. No wonder the foreclosure auctions have been drawing huge crowds of intending buyers in cities across the US.

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