What is a foreclosed home?

What is a foreclosed home

Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. In short, foreclosure is what happens when a homeowner fails to pay the mortgage.

How would a home go into Foreclosure?

  • Lost their job.
  • Medical Issues.
  • Excessive debt.
  • Squabbles with co-owner and/or divorce.
  • Job transfer.
  • They can no longer afford to maintain the home.
  • The can no longer physically take care of the home.

The stages of a foreclosed home:

  • Missed payments.
  • Public notice of default, in Florida this comes after the lender has accelerated the note.
  • Pre-foreclosure. This is the stage the case works thru the court system.
  • Auction.
  • Post-foreclosure. If a third party does not outbid the bank’s judgment, then the bank gets title to the property.

The primary reason to consider purchasing a foreclosure home is the potential for a great deal.

It can be an exciting and sometimes overwhelming process. One thing to remember, negotiating the price of a foreclosed home may take a little longer than a”normal” transaction because it may require multiple levels of approval.

Steps to buying a foreclosed home:
  • Find an agent.
  • Get preapproved for a mortgage or have a proof of funds if you are paying cash.
  • Study the sale prices of comparable homes in your area. You are taking some risk in buying a foreclosed home. You should get something in return for taking that risk.
  • Remember the sale is as-is. You get what you inspect, not what you expect. Make sure you hire a licensed inspector. the bank has not maintained or had first-hand knowledge of the foreclosed home prior to the acquisition. Therefore, you generally will not get a seller’s property disclosure.

Real Estate Investment Broker

Steelbridge Realty LLC  is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.

During the beginning of the housing downturn, Steelbridge Realty LLC was the Brokerage arm of several private equity entities. We assisted them with asset modeling and market metrics. Many prominent local commercial projects were included in this scope of transactions.

Need help buying a foreclosed home?

Please call 239 694 3300 or use the form below:


Foreclosure
$1,295,000
Single Family Home For Sale
Pending
4
BEDS
5
TOTAL BATHS
4,664
SQFT
3038 Gardens Blvd
Naples, FL 34105
Kensington Subdivision
Foreclosure
$358,500
Single Family Home For Sale
Active
2
BEDS
2
TOTAL BATHS
1,802
SQFT
1195 Mockingbird Ln
Naples, FL 34104
Rock Harbor Subdivision
Foreclosure
$349,000
Land For Sale
Pending
0.257
ACRES
LEE
COUNTY
254 Estrellita Dr
Fort Myers Beach, FL 33931
Laguna Shores Subdivision
Foreclosure
$319,900
Single Family Home For Sale
Pending With Contingencies
3
BEDS
2
TOTAL BATHS
2,217
SQFT
116 SW 46th St
Cape Coral, FL 33914
Cape Coral Subdivision
Foreclosure
$307,400
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,527
SQFT
1344 Monarch Cir
Naples, FL 34116
Berkshire Village Subdivision
Foreclosure
$304,700
Townhouse For Sale
Pending
3
BEDS
3
TOTAL BATHS
1,771
SQFT
6092 Islandwalk Blvd
Naples, FL 34119
Island Walk Subdivision
Foreclosure
$265,000
Land For Sale
Pending
10.825
ACRES
LEE
COUNTY
7396 Coon Rd
North Fort Myers, FL 33917
 
Foreclosure
$216,300
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,497
SQFT
1214 SW 14th Ter
Cape Coral, FL 33991
Cape Coral Subdivision
Foreclosure
$194,900
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,625
SQFT
1510 SE 19th Ln
Cape Coral, FL 33990
Cape Coral Subdivision
Foreclosure
$190,800
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
2,188
SQFT
310 NW 25th Pl
Cape Coral, FL 33993
Cape Coral Subdivision
Foreclosure
$189,900
Single Family Home For Sale
Pending
2
BEDS
2
TOTAL BATHS
1,836
SQFT
2160 Oxford Ridge Cir
Lehigh Acres, FL 33973
Westminster Subdivision
Foreclosure
$189,900
Single Family Home For Sale
Pending With Contingencies
3
BEDS
2
TOTAL BATHS
1,777
SQFT
1506 NE 7th Ave
Cape Coral, FL 33909
Cape Coral Subdivision
Foreclosure
$177,000
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,487
SQFT
629 NE 15th Ct
Cape Coral, FL 33909
Cape Coral Subdivision
Foreclosure
$160,000
Villa For Sale
Pending With Contingencies
3
BEDS
2
TOTAL BATHS
1,407
SQFT
Lakewood #D-1
3395 Boca Ciega Dr D-1
Naples, FL 34112
Foreclosure
$144,900
Villa For Sale
Pending With Contingencies
2
BEDS
2
TOTAL BATHS
978
SQFT
5623 Foxlake Dr
North Fort Myers, FL 33917
Foxmoor Subdivision
Foreclosure
$140,000
Single Family Home For Sale
Pending With Contingencies
2
BEDS
2
TOTAL BATHS
1,365
SQFT
420 E Trinidad Ave
Clewiston, FL 33440
Clewiston Subdivision
Foreclosure
$134,900
Villa For Sale
Pending
2
BEDS
2
TOTAL BATHS
932
SQFT
Cinnamon Cove #3009
16720 Ginger Ln 3009
Fort Myers, FL 33908
Foreclosure
$129,900
Land For Sale
Pending
0.231
ACRES
LEE
COUNTY
3006 NW 43rd Pl
Cape Coral, FL 33993
Cape Coral Subdivision
Foreclosure
$126,000
Villa For Sale
Pending
2
BEDS
2
TOTAL BATHS
1,314
SQFT
Seven Lakes #12A
1779 Augusta Dr 12a
Fort Myers, FL 33907
Foreclosure
$125,000
Condo For Sale
Pending
2
BEDS
2
TOTAL BATHS
1,262
SQFT
Ascot Condo #105
9640 Windsor Gardens Ln 105
Fort Myers, FL 33919

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