Buying into Miami’s foreclosure glut will soon be a whole lot easier, according to the New York Times.
It seems that Miami-Dade County will use online auctions for the thousands of delinquent properties that have made South Florida a center of the recession.
The Web site, will become fully operational on Dec. 7, making Miami-Dade the largest of 12 Florida counties in the process of replacing courthouse auctions with online sales.
County officials here expect the number of properties sold, now about 450 a week, to triple, slowing the growth of an inventory of 110,000 foreclosures.
The online system would end, or at least make digital, what many officials describe as a process steeped in speculation, trickery and, occasionally, physical conflict.
Lloyd McClendon, the chief executive of RealAuction.com, which has contracts to run the county auctions across Florida, said nearly 11,000 bidders had registered, including at least one person from New Zealand. Said he:
“It opens it up to a wider audience, and really the sale prices are more in line with what they should be. Before, these bidders would do deals among themselves. This is fairer to all who are involved.”
How does that rubric go? You pays yer money and ya takes yer chances. Something like that.
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Senior Vice President
Charles Rutenberg Realty
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New York, NY 10022