About 60 houses are scheduled to be sold at foreclosure auctions in Miami and Orlando, Florida next week. Many first-time homebuyers are expected to flock to the foreclosure sales which are scheduled on the 15th in Orlando and 17th in Miami.
Foreclosure sales are expected to experience brisk business until November 30, the day that the federal government's $8,000 tax credit for first-time homebuyers is scheduled to end. Foreclosure properties to be auctioned off in Orlando range from condominiums, single-family and multi-family houses with prices from as low as $22,000 to as high as $255,000.
Many of the foreclosure properties on the auction block are located in the central portion of Florida, including Tampa Bay, Orlando, Spring Hills, Daytona Beach, Ocala, Kissimmee and Winter Haven. The Peabody Orlando Hotel will be the venue of the auction.
Meanwhile, in Miami, prospective buyers at foreclosure auctions will be able to bid on condominiums, single-family and multi-family homes with prices from as low as $17,000 to $200,000.
Most of the foreclosed houses are located in Coral Springs, Fort Myers, Miami, Lehigh Acres, Hollywood and Oakland Park. The Miami Beach Convention Center is the venue for the one-day foreclosure sale.
According to industry experts, there are still many good foreclosure deals across Florida. However, first-time homebuyers are running out of time as the federal government's financial incentives to them are set to expire at the end of November. They said that foreclosure auctions are popular among first-time homebuyers because they know that they could get deals from these events.
The Obama Administration has launched a program that offer as much as $8,000 tax credit to eligible taxpayers who decide to purchase a house this year. This financial incentive is given only to first-time homebuyers, referring to those who have not owned a house for quite some time.
Across the country, foreclosure auctions are popular not only to first-time homebuyers but also to seasoned homebuyers and investors. They usually get good deals from the foreclosure properties placed on the block. Not to mention the excitement of bidding for foreclosed properties.
In Florida, buyers at foreclosure auctions can bid either on the Internet or at designated places. Industry experts urged prospective homebuyers to carefully inspect foreclosed houses before bidding.
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