To speed up the sale of foreclosed real estate, the Miami-Dade County Clerk of Courts has established a new online auction system that will replace live auctions. The Court's dedicated website, www.miamidade.realforeclose.com went live yesterday and it offers an educational, one-stop solution for those wanting to invest in distressed properties.
Online auctions make the selling process more transparent and equitable than traditional courthouse auctions, which can be easily manipulated by the savviest investors. One important advantage is that every one who registers has access to the list of properties to be sold in advance of the auction.
In this user-friendly site, there are sections that provide details on what foreclosure sales are, as well as explanations on the online sale and bidding process. There's also a guided tour, a registration wizard, a frequently-asked-questions page, and links to other relevant sites. The auctions are managed by Realauction.com, of Plantation, Florida.
A review of mortgage foreclosure statistics provided by Miami-Dade County Clerk of Courts shows that filings are on target to equal or surpass last year's numbers, with a total of 54,464 up to October, 2009, vs. 56,656 in all of 2008.
Note: For more information on buying foreclosed properties in Miami, Florida, please contact the author at Alicia@AliciaWillen.com.