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Foreclosed Properties Auction in Broward Finally Goes Online



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By : John Cutts    99 or more times read
Foreclosed properties auction in Broward County, Florida finally goes online starting March 30, weeks after neighboring counties launched their online auctions.

According to Howard Forman, clerk of Broward County, the online auction system is expected to sell 1,000 houses a week, up from around 420 units auctioned off every week in January. He added that there are over 5,300 properties ready to be auctioned off and another 2,000 properties being prepared for the next auctions.

Free sessions at the courthouse in Broward County are now being offered to anyone interested in participating in the online auctions. Web-based classes are also being offered to those who want to learn how to use the auction software.

The online auction website, Broward.realforeclose.com, will be formally launched on March 15, but the first auction will be held on March 30. Just like other auction sites, prospective buyers need to register first.

Officials of Broward County decided to follow its neighboring counties in moving their public auctions online to cut down their foreclosure backlog. Broward had the third-highest rate of foreclosure in February among Florida counties. Last year, the number of foreclosure cases soared by 15 percent, pushing up the county case backlog past the 51,000 level.

Earlier this year, Miami-Dade and Palm Beach had launched their foreclosed properties auction websites. Last year, other counties in Florida launched theirs.

Since the launching of the Miami-Dade online auction website in January, the Miami area has already sold off over 2,800 properties. This level of success is what county officials in Broward hope to duplicate.

When public auctions were being conducted at the courthouse, a lot of people attended the auctions, causing distractions on other activities in the building. It is hoped that the shift to online auctions would not only manage auctions better, but also save labor costs and prevent crowding in county buildings.

To be able to participate in the bidding, prospective bidders need to register at the website without paying any fee. After getting registered, participants can view the pictures of foreclosed properties, obtain details and take a virtual tour.

Before bidding, prospective buyers need to pay a five-percent deposit, which is refundable. It can be paid in person or online.

Based on the prediction by Moody’s Economy.com that home prices in Broward will not reach their previous peak levels until 2030, it is expected that prospective bidders can continue to buy lower-priced properties at the Broward County online foreclosed properties auction if they make the right moves.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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