Foreclosures: Housing defaults soar in Palm Beach County

Foreclosures in Palm Beach County were up 63% from January to February.
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Finamore foreclosure sold!

The bank-owned Phoenix that went on the market 32 days ago at $279,900 had just the result I thought it would...it had mutiple offers...the bank called for "highest and best" and it sold for well over asking price and with the best terms: $327,512 cash.

Generally the banks have been following this strategy lately in marketing their inventory: Price agressively...obtain multiple offers in a short time...create a biding war...sell it fast, above asking and with a contract that contains a good combination of price and terms. Todays sellers may want to consider this strategy.

Journeys End Bank Foreclosure Under Contract

The Phoenix bank-owned home that was put on the market 11 days ago is now under contract.

The home was listed by the bank at $279,900...however, we understand that there was a multiple-offer situation and the bank called for "highest-and-best". As we first reported, we believe that this home will go 10% or more OVER asking price, for a number of reasons, including, but not limited to the attractive asking price.

Bank foreclosure hits the market!

A Phoenix on Finamore Circle that went back to the bank on 7/20/09 was just put on the market by the bank at an asking price of $279,900.

The home is on the lake, with a pool. The owner who lost the home to the bank paid $497,000 for it back in May '04 but subsequently refinanced it in 2006 for $700,000.

The home was on the market in 2005 for $799,000 then for as much as $899,000 for 4 months back in 2006, then back to $799,000 into early '07. In mid 2007 it was marketed for $768,000 then late in '07 at $529,000  as a short sale.

At less than $100/sq ft for a lakefront/pool home in Journeys End, I predict that this will be gone immediately at more than the banks asking price...which is a sales tactic used successfully by quite a few lenders recently; price agressively, get multiple bidders/offers...elicit "highest and best" at some point and therefore create the"sense of urgency" lacking in most traditional market offerings.