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Auctioned homes provide opportunities for Florida buyers

August 3, 2010 - Moving to Florida was made a lot more affordable by participants in a foreclosure auction last weekend.

The economy has left the housing market in that state in tatters, but even as banks take back some delinquent homes, buyers are finding renewed opportunities to move into a new house. An auction in Orlando saw consumers purchase $10.1 million in repossessed homes, with 139 properties selling to a crowd of 625 bidders, reported auction house Real Estate Disposition. The company said that about 20 homes were bought for less than $35,000. So far this year, 30 auctions in Florida have sold about 2,485 properties for $112 million.

Last weekend, the best bargain came on an Orlando home at 3442 Lake Tiny Circle, which sold for $30,000. That was 85 percent less than its previous high value, which was tabbed at about $200,000, said REDC.

Whether they purchase a home through a foreclosure or by traditional means, a buyer should first be sure that they are pre-approved for a mortgage. Once the transaction is complete, they can research moving companies that will make their relocation smoother.

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