I'm currently assisting several potential Buyers with locating Ft. Lauderdale Oceanfront Foreclosures, Ft. Lauderdale Waterfront Foreclosures, and Waterfront Foreclosures in other areas of South Florida, both Condos and Single Family Homes.
Though Waterfront Foreclosures and Luxury Foreclosures ARE NOT the majority of our Foreclosure inventory, there are a number of great Waterfront deals on the market that I would like to introduce to you.
South Florida Oceanfront Foreclosures (Bank Owned Condos)
Hemispheres Condo in Hallandale- $320,000
The Atlantic Hotel Condo in Ft. Lauderdale- $293,000 - $410,000
Starlight Towers in Lauderdale by the Sea- $304,900
Sian Ocean Residences in Hollywood- $348,000
Residences on Hollywood Beach- $300,000
Point of Americas Condo in Ft. Lauderdale- $603,900
Cristelle Cay in Ft. Lauderdale- $985,000
Beach Club in Hallandale- $273,000 - $2,000,000
2080 Ocean Drive in Hallandale- $339,900
South Florida Waterfront Foreclosures (Bank Owned Condos)
Nu River Landing in Ft. Lauderdale- $214,000
Las Olas River House in Ft. Lauderdale- $429,000 - $1,049,900
200 Leslie Condo in Hallandale- $359,900
Pelican Grand Beach Resort in Ft. Lauderdale - $249,000
Tides at Bridgeside Square in Ft. Lauderdale- $254,900
Villoresi Luxury Residence in Ft. Lauderdale- $475,900
As a potential Buyer of a Waterfront Condo or other Condo, there are MANY items to consider prior to your search and purchase and I prepared a Condo Search guide for your review. Click here to view it.
NOTES TO BUYERS REGARDING FORECLOSURE PURCHASES:
- The Bank is responsible for paying Brokers' Commissions (You, the Buyer, are not responsible for paying Brokers' Commissions). With non-Foreclosure AND Foreclosure purchases, the Homeowner/Seller, NOT YOU, is responsible for paying Brokers' Commissions. Read more information here about how Real Estate Commission structure works.
- As with a non-Foreclosure purchase, you will still need to obtain Loan Pre-Approval prior to searching for a Home. This assists us with searching for and viewing Homes that are within the correct price range. Additionally, the Pre-Approval Letter must be submitted with your Offer. Your Pre-Approval Letter is required to be dated within the last 30 days, so if you have an old Pre-Approval Letter, please get it updated first. The Approval Letter is also required to indicate that your Credit Reports have been checked and state your current Credit Score.
- The amount of your Down payment has to be determined
- A "Good Faith" Deposit still has to be submitted with your Offer and the Bank that owns the Home will specify the required amount of your Deposit
- The Bank will require that you provide documentation (Bank Statements, etc.) along with your Offer that verifies that you have sufficient Cash to close the transaction (Closing Costs)
- If your purchase will be a Cash purchase, you will need to obtain documentation from your Financial Institution verifying your ability to purchase the Home that you're planning to place an Offer on (and this documentation is required to be submitted with your Offer)
- The Bank will often require that you complete Loan pre-approval through them even though you already have your own Pre-approval (you will still be using a Lender of your choice, but they just want to verify the validity and strength of your Approval)
- The Bank uses current Market Values and other criteria as part of the process for determining a Home's discounted List Price, so the amount they will agree to accept for the Home's purchase is often very close to the Listed price (when they list property for sale, the List Price typically ALREADY includes the discount that they're offering). This being the case, Lowball Offers are usually rejected.
- Foreclosures are sold "AS IS". The Bank has already considered any repairs that might be necessary and has priced the property accordingly. They are offering the Property in its' current condition, so your Offer and negotiation will not include requests for repair nor requests for price decreases based on the property's condition.
- In calculating your Property Tax payment, the Property Tax Appraiser's Office WILL NOT use your Foreclosure purchase price as the determination of Market Value for Property Tax Calculation purposes. Following is a quote from the Broward Property Tax Appraiser's website:
"If you purchase a property in a foreclosure, your actual purchase price does not reflect the just (market) value used for determining your taxes. Florida law requires our office to use the reasonable market price of a sale of similar homes in your neighborhood (or a similar area) sold under normal financial conditions to determine the assessment -- and that disqualifies the use of foreclosure-related sales." - Procrastination isn't smart when it comes to great Foreclosure deals. Great Foreclosure deals usually are not listed for sale very long before being purchased.
- Multiple Offers can be submitted simultaneously to the Bank for the same property and priority is not given based on when the Offer was submitted. The Bank will request your "highest and best Offer". "Bidding Wars" for fabulous Foreclosure deals are not uncommon (even in this Market) and in those cases, the highest Offer will win IF the Bank determines that the amount is acceptable.
Contact me for additional details about Waterfront Foreclosures in South Florida.
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Vickie Arcuri, Realtor®
EWM Realtors, Inc.
1700 E. Las Olas Blvd.
Ft. Lauderdale, FL 33301
Phone: (954) 708-9309
Fax: (954) 414-0492
Vickie@vickierealestate.com
Contact me if you're interested in South Florida Real Estate, Ft. Lauderdale Real Estate, Las Olas Condos for sale, Ft. Lauderdale Beach Homes for Sale, Ft. Lauderdale Waterfront Condos, Broward Luxury Homes for sale, Ft. Lauderdale Luxury Condos, Broward Waterfront Homes for sale, Ft. Lauderdale Luxury Homes for Sale, Ft. Lauderdale Luxury Real Estate, Ft. Lauderdale Docks for Sale, Ft. Lauderdale Docks for Lease or Rent, Ft. Lauderdale Oceanfront Condos, Ft. Lauderdale Waterfront Homes, Ft. Lauderdale Waterfront Foreclosures, Ft. Lauderdale Oceanfront Homes, South Florida Waterfront Homes, Palm Beach Waterfront Homes, Manalapan Homes, Hillsboro Beach Homes, South Florida Oceanfront Homes, or Miami Waterfront Homes.
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Listings of Interest:
Palm Beach Waterfront Condo for Sale with a Dock
San Juan del Sur Oceanfront Home for Sale
Las Olas River House Condo for Sale
Rio Vista Home for Sale
Ft. Lauderdale Waterfront Coop for Sale with a Dock
Palm Beach Waterfront Condo for Rent (Seasonal/Vacation Rental)
Tamarac Townhouse for Sale
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