NOTE: View current Ft. Lauderdale Foreclosure Listings here.
I'm often asked where Waterfront Foreclosures in Ft. Lauderdale can be located, how many there are, what their list prices are, how much they're being purchased for, and a number of other questions. For this post, I will address Waterfront Single Family Homes only, NOT Condos (which I will address in a later post).
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How Many? Waterfront, Ocean Access Single Family Homes ARE NOT the majority of the overall Foreclosure and Short Sale Inventory. In reviewing active listings of Waterfront Foreclosures and Short Sales, I located ~200 Waterfront Ocean Access Homes in ALL of Broward County. Of that number, ~60 are located in Ft. Lauderdale. Note: For non-Waterfront Single Family Homes in Broward County, there are currently more than 5,000 Short Sales and Foreclosures actively listed for sale.
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List Price Range? $330,000 - $3,399,000.
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Discount Amount? There isn't a specific percentage amount that is discounted by Banks/Lenders. Discount amounts vary. Great deals are available, but, despite rumors and the opinions of some, Banks are not indiscriminately giving Homes away. They will have an Appraisal conducted to determine the Market Value of the Home. Based on the Market Value of the Home and other criteria used by the Bank, they will determine how much they're willing to discount and accept for the purchase of the Home.
On Foreclosure properties, the List Price shown is typically very close to the Amount that the Bank has determined they will accept. This means that your Offer price needs to be very close to that amount, otherwise, you will significantly increase the chances of your Offer being rejected.
- Which Homes are priced the lowest? As is the case with most Waterfront Ocean Access Homes, the lowest priced Homes are the smallest Homes that are in need of the most updates and/or repair. The value here is Waterfront Ocean Access "location, location, location" at a bargain price!
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Where? The Ocean Access Waterfront Foreclosures and Short Sales are located in Ft. Lauderdale, Lauderdale by the Sea, Pompano Beach, Deerfield Beach, Hallandale, Hollywood, and Lighthouse Point.
Subdivisions where these Homes are located include, but aren't limited to, Beach Way Heights, Bermuda-Riviera, Boulevard Park Isles, Coral Ridge Country Club, Garden Isles, Coral Ridge Galt, Las Olas Isles, Lauderdale Beach, Lauderdale Isles, North Bal Harbour, Nurmi Isles, Rio Vista Isles, The Landings, Little Harbor on the Hill, Terra Mar Island, Coral Key Villas, Golden Isles, Lauderdale Surf & Yacht Estates, Pompano Isles, Venetian Isles, and Sea Island.
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What is a Short Sale? A Short Sale occurs when a Lender agrees to accept for purchase an amount less than the current Mortgage Balance PRIOR to Lender Repossession of the Home. Click here to view important details regarding Short Sales.
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What is a Foreclosure? In a nutshell, a Foreclosure is a Property that is owned by the Lender--a property that has been repossessed from the prior Homeowner.
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Financial Preparation Financial preparation for purchasing a Foreclosure or Short Sale is necessary, just as with a normal purchase
- Complete the Loan pre-approval process and obtain a Pre-approval Letter from your Lender of choice (your Loan Pre-approval Letter should verify that you're approved to purchase a Home equal to your maximum offer amount)
- If the purchase will be a Cash purchase, you will need to secure and provide documentation from your Financial Institution verifying that you have sufficient funds to complete a Cash purchase equal to the amount of your Offer
- Determine how much money will be required for the Downpayment
- Determine how much money will be required for the Earnest Money Deposit or "Good Faith" Deposit (when you place an Offer to purchase a Home, a "Good Faith" Deposit is required)
Note: The process and purchase procedures for Short Sales and Foreclosures vary significantly. Also note that the details I provided regarding Foreclosures pertain to Foreclosures that are listed for sale and purchased through Brokers (NOT Foreclosures that are purchased directly through the Court system, which are "Cash Only" purchases and conducted very differently.)
The information I provided above IS NOT comprehensive. Contact me if you would like additional details about Ft. Lauderdale Waterfront Foreclosures, Ft. Lauderdale Luxury Foreclosures, or Ft. Lauderdale Waterfront Short Sales.
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Vickie Arcuri, Realtor®
EWM Realtors
1700 E. Las Olas Blvd., Suite 103
Ft. Lauderdale, FL 33301
Cell: (954) 708-9309
vickie@vickierealestate.com
Fort Lauderdale Homes for Sale
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