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
$2,399,999
Land For Sale
Pending
6.47
ACRES
LEE
COUNTY
1311 NE Pine Island Rd
Cape Coral, FL 33909
PINE ISLAND Subdivision
Foreclosure
$1,890,000
Single Family Home For Sale
Active
4
BED
7
TOTAL BATHS
6,364
SQFT
5850 Harbour Preserve Cir
Cape Coral, FL 33914
CAPE HARBOUR Subdivision
Foreclosure
$825,000
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
3,381
SQFT
6017 Tarpon Estates Blvd
Cape Coral, FL 33914
TARPON POINT MARINA Subdivision
Foreclosure
$799,900
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
2,186
SQFT
1102 Harbor Cottage Ct
Sanibel, FL 33957
HARBOUR COTTAGES Subdivision
Foreclosure
$749,900
Single Family Home For Sale
Pending With Contingencies
3
BED
3
TOTAL BATHS
2,909
SQFT
10229 Idle Pine Ln
Estero, FL 34135
SHADOW WOOD AT THE BROOKS Subdivision
Foreclosure
$679,900
Land For Sale
Active
0.52
ACRES
LEE
COUNTY
4321 Sol Vista Dr
Upper Captiva, FL 33924
UPPER CAPTIVA Subdivision
Foreclosure
$629,999
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,500
SQFT
11433 Night Heron Dr
Naples, FL 34119
LONGSHORE LAKE Subdivision
Foreclosure
$562,000
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
1,882
SQFT
1870 Apataki Ct
Marco Island, FL 34145
MARCO BEACH Subdivision
Foreclosure
$547,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,911
SQFT
10489 Redondo St
Port Charlotte, FL 33981
PORT CHARLOTTE Subdivision
Foreclosure
$522,500
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,200
SQFT
4417 SW 18th Pl
Cape Coral, FL 33914
CAPE CORAL Subdivision
Foreclosure
$503,500
Single Family Home For Sale
Active
3
BED
4
TOTAL BATHS
2,923
SQFT
10551 Curry Palm Ln
Fort Myers, FL 33966
HERITAGE PALMS GOLF AND COUNTRY CLUB Subdivision
Foreclosure
$489,900
Single Family Home For Sale
Active
4
BED
2
TOTAL BATHS
2,318
SQFT
825 NW 38th Ave
Cape Coral, FL 33993
CAPE CORAL Subdivision
Foreclosure
$475,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,623
SQFT
3306 SW 27th Pl
Cape Coral, FL 33914
CAPE CORAL Subdivision
Foreclosure
$470,000
Single Family Home For Sale
Pending
3
BED
4
TOTAL BATHS
2,758
SQFT
20007 Markward Crcs
Estero, FL 33928
GRANDEZZA Subdivision
Foreclosure
$448,200
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,676
SQFT
4919 Cerromar Dr
Naples, FL 34112
NAPLES LAKES COUNTRY CLUB Subdivision
Foreclosure
$439,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,923
SQFT
1800 Woodbine Ct
Marco Island, FL 34145
MARCO BEACH Subdivision
Foreclosure
$439,900
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,785
SQFT
8791 Largo Mar Dr
Estero, FL 33967
BELLE LAGO Subdivision
Foreclosure
$420,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,929
SQFT
4410 SE 9th Ave
Cape Coral, FL 33904
CAPE CORAL Subdivision
Foreclosure
$410,000
Land For Sale
Active
0.381
ACRES
LEE
COUNTY
5838 Silvery Ln
Fort Myers, FL 33919
SUNSET COVE Subdivision
Foreclosure
$399,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,786
SQFT
140 Crescent Dr
Fort Myers, FL 33919
NOT APPLICABLE Subdivision

(2) Comments

  1. Pingback: What is a foreclosed home? – Jaclyn Maya's Blog

  2. Pingback: What is a foreclosed home? – Jeff Tumbarello

Leave a Reply