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
$995,000
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
2,772
SQFT
191 Leeward Ct
Marco Island, FL 34145
MARCO ISLAND Subdivision
Foreclosure
$834,900
Single Family Home For Sale
Active
3
BED
4
TOTAL BATHS
2,348
SQFT
2690 Firebush Ln
Naples, FL 34105
GREY OAKS Subdivision
Foreclosure
$749,900
Single Family Home For Sale
Active
4
BED
5
TOTAL BATHS
3,598
SQFT
1418 Jefferson Ave
Fort Myers, FL 33901
SEMINOLE PARK Subdivision
Foreclosure
$699,900
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
4,038
SQFT
2440 Moore Ave
Alva, FL 33920
ALVA Subdivision
Foreclosure
$690,000
Land For Sale
Active
0.906
ACRES
LEE
COUNTY
9101 College Pky
Fort Myers, FL 33919
NOT APPLICABLE Subdivision
Foreclosure
$599,900
Land For Sale
Active
0.52
ACRES
LEE
COUNTY
4321 Sol Vista Dr
Upper Captiva, FL 33924
UPPER CAPTIVA Subdivision
Foreclosure
$503,300
Land For Sale
Active
0.294
ACRES
LEE
COUNTY
9750 Cypress Lake Dr
Fort Myers, FL 33919
FORT MYERS Subdivision
Foreclosure
$495,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,593
SQFT
180 Brampton Ln
Naples, FL 34104
BERKSHIRE LAKES Subdivision
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
$449,000
Single Family Home For Sale
Active
3
BED
4
TOTAL BATHS
3,813
SQFT
Riva Del Lago #PH31
14300 Riva Del Lago Dr Ph31
Fort Myers, FL 33907
Foreclosure
$419,900
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
$379,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,151
SQFT
14714 Sonoma Blvd
Naples, FL 34114
REFLECTION LAKES Subdivision
Foreclosure
$368,900
Single Family Home For Sale
Active
6
BED
4
TOTAL BATHS
3,565
SQFT
10375 Spruce Pine Ct
Fort Myers, FL 33913
BOTANICA LAKES Subdivision
Foreclosure
$365,700
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,858
SQFT
27133 Edenbridge Ct
Bonita Springs, FL 34135
EDENBRIDGE GARDENS Subdivision
Foreclosure
$334,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,011
SQFT
1696 Whiskey Creek Dr
Fort Myers, FL 33919
WHISKEY CREEK Subdivision
Foreclosure
$319,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,833
SQFT
12653 Fairway Cove Ct
Fort Myers, FL 33905
VERANDAH Subdivision
Foreclosure
$299,900
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,406
SQFT
16832 Colony Lakes Blvd
Fort Myers, FL 33908
COLONY LAKES Subdivision
Foreclosure
$289,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,846
SQFT
Copperleaf At The Brooks #1208
23501 Wisteria Pointe Dr 1208
Estero, FL 34135
Foreclosure
$280,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
3,209
SQFT
1053 El Mar Ave
Fort Myers, FL 33919
NATOMA PARK Subdivision
Foreclosure
$274,900
Single Family Home For Sale
Active
2
BED
1
TOTAL BATHS
1,161
SQFT
47 River Ct
Naples, FL 34110
PALM RIVER SHORES Subdivision

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