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Bidders Can See Profit from Foreclosures

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By : Leticia Carvalho    99 or more times read
With the usual negative impression on foreclosure, who knew that it have some goods in it?

Bidders are now looking-out for the whopping $80 million worth of mortgage in Tampa Bay area. This may sound really bad but they are wishing for these for properties to head into foreclosure.

These buyers see that the bigger the foreclosure problem is, the more profit they can get from it. They know that if a property is lost through foreclosure it would cost less than the profit it will soon bring them. With a little investment from foreclosure, they can earn larger sums. The bidders probably already have their plans for these foreclosure-troubled properties drawn in their heads.

The sale includes a collection worth $356 million of assets in different states all over the country: Alabama, Georgia, Florida, Louisiana and Nevada. The real properties range from completed to partly completed houses, multifamily infrastructures, commercial and retail land.

According to Carlton Chairman Howard Michaels, these mortgage assets are in premiere locations at good prices and are of great value. These premier locations give these assets greater possibilities for upshots. Carlton was not specific on how many of these loan assets are in the Tampa Bay area, but mentioned that 26 of these are in Florida loans.

Though it may appear negatively that the bidders are hoping for these loans to end up in foreclosure, managing director of Carlton Advisory Services Inc. Tom McCarthy saw this as the only opportunity for these great properties to flourish in the future. With assets of good return potentials, it would be such a waste not to profit from them.

A lot of these properties are in partially-built unpopulated subdivisions. With no bidders, the neighborhood may never be completed and be productive ever.

Bidding ends on December 3, 2008.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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