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
$1,783,200
Single Family Home For Sale
Active
4
BEDS
5
TOTAL BATHS
7,344
SQFT
6888 Trail Blvd
Naples, FL 34108
Pine Ridge Subdivision
Foreclosure
$1,200,000
Land For Sale
Active
10.23
ACRES
LEE
COUNTY
9820-9860 Orange River Blvd
Fort Myers, FL 33905
Terry Tice + Vanderwalker Subdivision
Foreclosure
$1,045,200
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
4,093
SQFT
9421 Chartwell Breeze Dr
Estero, FL 34135
Shadow Wood At The Brooks Subdivision
Foreclosure
$1,029,900
Single Family Home For Sale
Pending
4
BEDS
5
TOTAL BATHS
4,220
SQFT
5440 Hawthorn Woods Way
Naples, FL 34116
Logan Woods Subdivision
Foreclosure
$436,900
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,704
SQFT
40 Wickliffe Dr
Naples, FL 34110
Willoughby Acres Subdivision
Foreclosure
$421,200
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
2,842
SQFT
9700 Mendocino Dr
Fort Myers, FL 33919
Calusa Palms Subdivision
Foreclosure
$419,900
Single Family Home For Sale
Pending
4
BEDS
2
TOTAL BATHS
2,266
SQFT
1438 SW 57th St
Cape Coral, FL 33914
Rose Garden Subdivision
Foreclosure
$399,000
Villa For Sale
Active
2
BEDS
2
TOTAL BATHS
1,833
SQFT
Windstar #1.42
2152 Paget Cir 1.42
Naples, FL 34112
Foreclosure
$364,900
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,905
SQFT
1648 County Rd 78
Labelle, FL 33935
Glades County Subdivision
Foreclosure
$364,000
Single Family Home For Sale
Pending
4
BEDS
2
TOTAL BATHS
2,344
SQFT
3708 SW 19th Ave
Cape Coral, FL 33914
Cape Coral Subdivision
Foreclosure
$320,000
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,880
SQFT
15853 Candle Dr
Fort Myers, FL 33908
Candlewood Lake Estates 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
$300,000
Single Family Home For Sale
Active
4
BEDS
2
TOTAL BATHS
1,604
SQFT
3999 Guava Dr
Naples, FL 34104
Coconut Grove Subdivision
Foreclosure
$265,000
Land For Sale
Pending
10.825
ACRES
LEE
COUNTY
7396 Coon Rd
North Fort Myers, FL 33917
 
Foreclosure
$264,900
Single Family Home For Sale
Pending
4
BEDS
2
TOTAL BATHS
2,232
SQFT
8031 Liriope Loop
Lehigh Acres, FL 33972
Town Lakes Subdivision
Foreclosure
$250,000
Single Family Home For Sale
Pending With Contingencies
3
BEDS
2
TOTAL BATHS
1,138
SQFT
5471 27th Ave SW
Naples, FL 34116
Golden Gate City Subdivision
Foreclosure
$246,200
Villa For Sale
Pending
2
BEDS
2
TOTAL BATHS
1,492
SQFT
Mandalay #41
6235 Mandalay Cir 41
Naples, FL 34112
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

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