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
$2,590,000
Single Family Home For Sale
Pending With Contingencies
5
BED
5
TOTAL BATHS
5,126
SQFT
1238 Isabel Dr
Sanibel, FL 33957
SANIBEL HARBOURS Subdivision
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
$1,199,000
Land For Sale
Active
16.22
ACRES
PINELLAS
COUNTY
4887 164th Ave N
Clearwater, FL 33762
ACREAGE Subdivision
Foreclosure
$899,000
Condo For Sale
Pending
3
BED
4
TOTAL BATHS
4,318
SQFT
Mastique #PH01
12601 Mastique Beach Blvd Ph01
Fort Myers, FL 33908
Foreclosure
$840,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,186
SQFT
1102 Harbour Cottage Ct
Sanibel, FL 33957
HARBOUR COTTAGES Subdivision
Foreclosure
$840,000
Land For Sale
Active
47
ACRES
CHARLOTTE
COUNTY
3740 El Jobean Rd
Port Charlotte, FL 33953
EL JOBEAN Subdivision
Foreclosure
$700,000
Land For Sale
Active
0.906
ACRES
LEE
COUNTY
9101 College Pky
Fort Myers, FL 33919
COLLEGE PARK Subdivision
Foreclosure
$700,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
4,030
SQFT
12300 Cannon Ln
Fort Myers, FL 33912
COLONIAL FARMS Subdivision
Foreclosure
$699,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
3,214
SQFT
241 Monterey Dr
Naples, FL 34119
VINEYARDS Subdivision
Foreclosure
$679,990
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
3,181
SQFT
3240 7th Ave SW
Naples, FL 34117
GOLDEN GATE ESTATES Subdivision
Foreclosure
$630,000
Land For Sale
Active
5
ACRES
MANATEE
COUNTY
5202 Us Highway 19
Palmetto, FL 34221
ACREAGE Subdivision
Foreclosure
$629,900
Single Family Home For Sale
Pending
4
BED
5
TOTAL BATHS
3,105
SQFT
19220 La Serena Dr
Estero, FL 33967
BELLE LAGO 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
$546,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,710
SQFT
5451 Harborage Dr
Fort Myers, FL 33908
HARBORAGE Subdivision
Foreclosure
$546,000
Land For Sale
Active
8.9
ACRES
CHARLOTTE
COUNTY
8274 Duffie Dr
Punta Gorda, FL 33982
AIRPORT WOODS COMMERCE CENTER Subdivision
Foreclosure
$499,000
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
2,482
SQFT
11800 Isle Of Palms Dr
Fort Myers Beach, FL 33931
FORT MYERS BEACH Subdivision
Foreclosure
$485,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,308
SQFT
570 Madrid Blvd
Punta Gorda, FL 33950
PUNTA GORDA ISLES Subdivision
Foreclosure
$475,000
Single Family Home For Sale
Active
2
BED
3
TOTAL BATHS
2,541
SQFT
884 Villa Florenza Dr
Naples, FL 34119
VINEYARDS Subdivision
Foreclosure
$435,000
Single Family Home For Sale
Pending With Contingencies
3
BED
2
TOTAL BATHS
2,543
SQFT
28397 Altessa Way
Bonita Springs, FL 34135
VASARI Subdivision
Foreclosure
$410,000
Land For Sale
Active
0.3815
ACRES
LEE
COUNTY
5838 Silvery Ln
Fort Myers, FL 33919
SUNSET COVE Subdivision

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