Money, money, money, money … MONEY. Some people got to have it … like SB Associates LLC in Fort Lauderdale, Florida.

The developer of the 24-story, 298-unit luxury condominium complex on the white sandy beaches of South Florida has reportedly defaulted on its $139 million loan, according to the Sun-Sentinel.

And it appears that the more than 80 people who already plunked down deposits on their slice of tropical heaven could be in limbo for up to six months until the foreclosure situation is resolved.

But don’t blame “The Donald” for this massive real estate flop. He, too, is apparently just an innocent victim.

From the report:

“The [law]suits also question the role of New York City’s real estate mogul Donald Trump and his Trump Organization in the Broward project. Promotional materials suggested Trump was a developer and partner. But after setbacks in construction last year, Trump has said that his group only licensed its name to the venture.”

It’s unclear at this time what the mortgage note holder will eventually do with the property: “keep it as a condo-hotel, make it a traditional hotel or something else.”

For the love of money!

Federal Deposit Insurance Corporation (FDIC) and the Department of Housing and Urban Development (HUD) have issued statements regarding the need for alternative disposition strategies for distressed assets such as foreclosed homes and other non-performing notes.
HUD is acting on behalf of the FHFA, Fannie Mae and Freddie Mac.

Both entities have cited that placing these properties on the market in a traditional manner (as individual listings) will further clog the market and negatively impact home values and neighborhood stabilization. With this in mind, HUD and the FDIC are looking at strategies to efficiently liquidate existing, as well as “shadow inventory,” in bulk to investors who have the financial wherewithal to make these large purchases.

How do bulk sales work?

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And it’s not just because of the desert heat, according to the Wall Street Journal:

“Bargain hunters here and in many other metropolitan areas are up against a paradox. By far the biggest wave of foreclosures since the Great Depression was expected to be a bonanza for anyone with cash or the ability to get a loan. But prospective home buyers say it is increasingly difficult to find foreclosed homes at attractive prices in desirable neighborhoods. Supply is shrinking largely because of federal and state efforts to help millions of distressed homeowners avert foreclosure, which have delayed many likely foreclosures, keeping the homes off the market for now. The bargain chase is even tougher for those buying with a loan. Investors with cash have an advantage in that their offers aren’t conditional on obtaining a loan so banks often prefer selling to them than taking the risk that another offer will fall through. They are also often quick to react when bargains appear.”

We’ve said it before and we’ll say it again — the best deals often get cherry-picked as soon as they hit the market by savvy investors and/or dedicated house hunters.

Yes, there is more distressed inventory from which to choose these days, but just because a property is classified as a “foreclosure” or “short sale” doesn’t mean it’s bonafide beauty right off the bat.

Finding the best home deals in your area, and then having the ability to move in on them faster than anyone else,  often takes a little bit of homework, preparation, persistence and luck.

A great way to get started is to sign up for our FREE daily foreclosure e-mail alerts. We conveniently deliver all the best deals, depending on the property type(s) and zip code(s) that you select, directly to your inbox.

Of course, you can also search foreclosures in Las Vegas and beyond right now with the limited-time blog reader special discount on our FREE 7-Day Trial.

Hurry!

It’s in Pittsburgh, Pa., according to a recent study from Zillow.com, which indicates that buyers are paying 59 percent less for foreclosed homes than those who close on “traditional” properties.

Those are remarkable savings.

The “white paper,” called “Price Differences Between Foreclosures and Non-Foreclosures,” analyzed 16 major real estate markets throughout the United States. Overall, the research revealed that on average buyers save about 28 percent on distressed real estate.

Portland, Ore., is where the savings gap is narrowest, coming in at about an 18 percent discount. Nonetheless, it’s still a significant amount when hundreds of thousands of dollars are involved.

Take a look the top 10 best markets for where to find foreclosure deals:
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Get ready Missouri, Ohio, Utah and Wisconsin deal seekers:

RealtyBid.com, which has sold more than 25,000 foreclosed homes to investors throughout the nation in recent years, has more than 400 bank-owned properties hitting the auction block from Jan. 22 to Feb. 2, 2010.

It’s a 12-day super sale with inventory from one major lender. These properties MUST be sold!

Check out what’s available (For complete details click here):

• Missouri (CLICK HERE)
• Ohio (CLICK HERE)
• Utah (CLICK HERE)
• Wisconsin (CLICK HERE)

It’s a 12-day super sale with inventory from one major lender that has RealtyBid.com Executive Vice President Mike Keracher very excited for homebuyers/investors in the area.

Here’s a snip:

“As always, we have discount properties from around the country available on our website. However, one specific lender we are working with has supplied us with dozens of Ohio, Utah, Wisconsin and Missouri foreclosures to auction. This is a banner opportunity to buy homes in these states at unbelievable prices.”

All inventory will be auctioned at the lowest possible prices.

Remember that you have to submit your bids online. So head over to RealtyBid.com right now and familiarize yourself with the bidding process while you zero-in on the property that’s right for you.

Bidding is safe, easy, and compliant with all legal regulations. And you don’t have to be an experienced real estate expert to purchase a property.

To check out the homes for sale at the upcoming foreclosure auctions in Missouri, Ohio, Utah and Wisconsin, as well as to see when RealtyBid.com will auction homes in your area, click here.

Good luck!