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
$1,799,000
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
$899,900
Single Family Home For Sale
Active
4
BED
5
TOTAL BATHS
5,280
SQFT
375 Logan Blvd S
Naples, FL 34119
LOGAN WOODS Subdivision
Foreclosure
$700,000
Land For Sale
Active
0.906
ACRES
LEE
COUNTY
9101 College Pky
Fort Myers, FL 33919
NOT APPLICABLE Subdivision
Foreclosure
$669,900
Land For Sale
Active
0.52
ACRES
LEE
COUNTY
4321 Sol Vista Dr
Upper Captiva, FL 33924
UPPER CAPTIVA Subdivision
Foreclosure
$599,000
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
$530,000
Single Family Home For Sale
Pending
2
BED
2
TOTAL BATHS
2,023
SQFT
8802 New Castle Dr
Fort Myers, FL 33908
CROWN COLONY Subdivision
Foreclosure
$523,900
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
3,193
SQFT
16080 Parque Ln
Naples, FL 34110
DELASOL Subdivision
Foreclosure
$509,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,925
SQFT
8014 Buccaneer Dr
Fort Myers Beach, FL 33931
LAGUNA SHORES Subdivision
Foreclosure
$500,000
Single Family Home For Sale
Pending With Contingencies
5
BED
2
TOTAL BATHS
2,772
SQFT
191 Leeward Ct
Marco Island, FL 34145
MARCO ISLAND Subdivision
Foreclosure
$499,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,378
SQFT
236 Monterey Dr
Naples, FL 34119
VINEYARDS Subdivision
Foreclosure
$489,900
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,940
SQFT
7342 Lake Dr
Fort Myers, FL 33908
HERITAGE FARMS LAKE ADDN Subdivision
Foreclosure
$485,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,564
SQFT
1315 Jambalana Ln
Fort Myers, FL 33901
CALOOSA VIEW Subdivision
Foreclosure
$470,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,919
SQFT
3619 SE 17th Ave
Cape Coral, FL 33904
CAPE CORAL Subdivision
Foreclosure
$459,900
Condo For Sale
Active
3
BED
3
TOTAL BATHS
2,117
SQFT
High Point Place #1804
2104 W First St 1804
Fort Myers, FL 33901
Foreclosure
$459,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,200
SQFT
2340 Magdalina Dr
Punta Gorda, FL 33950
PORT CHARLOTTE Subdivision
Foreclosure
$449,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,058
SQFT
2516 Padre Island Dr
Punta Gorda, FL 33950
PUNTA GORDA ISLES Subdivision
Foreclosure
$439,000
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
$428,000
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,280
SQFT
150 Mid Island Dr
Fort Myers Beach, FL 33931
MID ISLAND UNRECORDED SUBDIVISION Subdivision
Foreclosure
$418,000
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
$410,000
Land For Sale
Active
0.381
ACRES
LEE
COUNTY
5838 Silvery Ln
Fort Myers, FL 33919
SUNSET COVE Subdivision

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