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Wilton Manors Foreclosures REOs and Short Sales

An Overview of Wilton Manors Real Estate and Pricing

The following is a guide as to activity in Wilton Manors for July 2011.

NOTICE OF DEFAULTS (Pre-Foreclosure) Properties include...

• 2 Bed / 1 Bath $177,000
• 2 Bed / 2 Bath Waterfront $325,000
• 3 Bed / 2 Bath $185,000
• 4 Bed / 4 Bath Single Family $1,532,000

NOTICE OF TRUSTEE SALE (Auction) Properties include...

• 3 Bed 2/ Bath Single Family with pool $234,000
• 3 Bed / 2 Bath Waterfront & Pool $341,000
• 2 Bed / 2 Bath Single Family $386,000
• 2 Bed / 2 Bath Condo $76,000

SHORTSALES Properties include....

BANK OWNED / REO's Properties include...

• 2 Bed / 3 Bath Waterfront with Pool $304,000

Banks seize record number of homes

Breaking Real Estate News

A record number of homeowners lost houses to their banks in 2010 and early 2011 as lenders worked through the backlog of distressed mortgages, real estate data company RealtyTrac reported.

New default notices decreased at the same time, suggesting that lenders managed the flow of troubled loans and foreclosed properties hitting the market to limit price declines, the company said.

Root problems of high unemployment, wage cuts, negative home equity and restrictive lending practices persist, however, pointing to lingering housing market and real estate pain.

RealtyTrac forecasts a record 1.2 million home repossessions this year, up from just under 1 million last year, with more than 3.2 million homes in some stage of foreclosure.

More Real Estate News

The Safest Ways To Buy Foreclosures & REO's

With interest rates at record lows and the stock market looking too perilous for small investors, many people are putting money in an asset they understand -- homes and condos - rock solid real estate.

One of the best places to invest is in foreclosures and bargain residential real estate - in growing areas like Wilton Manors.

Perfect Time to Buy in Wilton Manors

The current market conditions make it a perfect time for a small investor to purchase one or more foreclosure properties for their private residence, rental or resale. During economic downturns, more upscale homes go into foreclosure, so the notion that foreclosure homes are only available in crime-ridden areas is inaccurate.

Waterfront and homes in affluent areas are part of the mix of foreclosed properties available.

But anyone considering buying a foreclosed home in Wilton Manors should forget about paying pennies on the dollar. "You can buy foreclosures for as cheap as 30% or 40% below market, but most foreclosures sell for 5% below market," said John T. Reed, editor of Real Estate Investor's Monthly, a newsletter based in Alamo, Calif.

Yet the savings may be twofold if the property is purchased from the lender who holds the mortgage that's in default.

That lender may be willing to waive some closing costs, maybe even offer a break on the interest rate or the down payment. Investment of time A novice must learn to navigate the foreclosure process. But Todd Beitler, owner of the Real Estate Library in Boca Raton, Florida., says the time and effort can translate to savings. "If somebody spends 10 hours a week for five weeks to do research, it's worth it."

For most consumers, however, the foreclosure process can prove daunting, Reed says. Good buys are available, but they require research, preparation, patience and persistence.

The Foreclosure Process

The foreclosure process starts when a property owner falls behind on mortgage payments.

Many owners of homes that go into foreclosure have been struggling financially for almost a year before they give up, which usually means that the house has not received needed repairs or general maintenance for a while.

This may include everything from missing light bulbs to roof leaks. Tree limbs in front yards, broken appliances and windows, and dirty carpets, floors and walls are found in even very-affluent area foreclosures. This can be a boon -- or "boondoggle" -- for a buyer.

Factor in the Cost of Foreclosure Repairs

Houses in poor condition might fetch bargain prices, but repairs can boost the cost again. The first rule of real estate, "location, location, location," applies in these situations.

If there is trash in every room of the house, but the foreclosure is in a good area with high property resale values, hold your nose, walk through the entire house and consider making a low offer.

When a lender decides to foreclose on a property, a notice of default or a lis pendens (Latin for "lawsuit pending") is filed, depending on the state. This document is a public record, and for buyers, it's the first step in locating a property in foreclosure.

Searching for Foreclosures

A buyer looking for foreclosures also can buy magazines and newsletters that list properties in default. Once a home has been located, search public records. Look for liens on the property, since they can drive up the purchase price.

Liens typically are placed on a house for unpaid property taxes. Also check assessed values and sale prices of neighboring properties.

This can be done at the Wilton Manors city hall on Wilton Drive or at the Broward Counties Property Appraisers Records Office - Google "BCPA". Research local state foreclosure laws, since they differ. Some states -- such as Florida, New York, Ohio and Pennsylvania -- require the lender to sue the borrower and get a court order for the sale of the property, a process known as judicial foreclosure.

Other states -- including California and Texas -- follow the non-judicial foreclosure process, which doesn't require a lawsuit. For novice investors, buying from the lender is the safest way to buy.

Most foreclosures are taken back by the bank during auction, Beitler says. While well-located homes in good shape generally don't sell for deep discounts, rundown properties can be sold more cheaply.

Often, the banks hire a real estate agent and sell foreclosed homes in the traditional manner, Reed says. But sometimes buyers can succeed by pestering bank loan officers with low offers. Buyers might try "low-balling" the lender's REO (for "real estate owned") officer shortly before the nonperforming assets have to be reported to supervisors, Beitler says.

Bank Owned REO's

The safest deals Bank-owned properties or REO's offer the safest deal for inexperienced foreclosure buyers, Beitler says: "There's no risk. There are no taxes, no liens, no tenants to evict."

A lender that's eager to sell might be willing to offer attractive terms, says George Tribble, broker of record at Jetstream Mortgage in Oakland, Calif., and past president of the California Association of Mortgage Brokers.

The lender might offer to finance the property at a below-market rate or with a lower-than-usual down payment. Because the bank already has done an appraisal, the buyer might not have to pay an appraisal fee, Tribble says. And lender deals typically include title insurance, which removes much of the risk that accompanies buying homes earlier in the foreclosure process.

Low interest rates and fast appreciation lure bargain hunters to homes facing foreclosure. You may pay less than market value, but not much less -- and the research can be daunting, so let me help you find your foreclosure home in Wilton Manors - call me today.

KEVIN WIRTH - Wilton Manors Realtor

954-459-0337

Like most of the US Real Estate market Wilton Manors and Fort Lauderdale have also had there fair share of Foreclosures, REO's and Shortsales.

Wilton Manors foreclosures on offer for July 2011 include 9 Single Family Homes (priced from $64,500 - $289,900) and 17 Condos priced from ($39,900 to $323,800).

The market for foreclosures, and REO properties changes almost daily. Give me a call today to see what on offer.. Call Me Today 954-459-0337

Foreclosure activity changes almost daily. The best deals are snapped up fast.

Call me to be imformed first when new foreclosures hit the market.

Wilton Manors Foreclosures - Real Estate Facts & Figures...

The foreclosure rate for all homes in Wilton Manors is 26.54%, ranking 20th among 34 communities in the Broward and 69th among all 155 communities in South Florida In the Broward, Fort Lauderdale (27.57%) are most similar to Wilton Manors in terms of foreclosures.

Across all South Florida metro, Miami Beach (29.01%), Royal Palm Beach (28.79%), Belle Glade (28.57%), Bay Harbor Islands (28.13%) and Miami Shores (27.84%) are most similar to Wilton Manors.

Wilton Manors's most foreclosed upon subdivision is Petite, which has seen 6 in the past 12 months.

Wilton Manors Foreclosures

• Wilton Manors Single Family Home 3 Bed / 3 Bath Listed at $143,900
• Wilton Manors Foreclosured Condo 2 Bed / 2 Bath Listed at $209,900

Foreclosure activity changes almost daily.

The best deals are snapped up fast. Call me to be imformed first when new foreclosures hit the market.

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