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:


$7,999,000
Farm For Sale
Active
5
BEDS
8
TOTAL BATHS
11,520
SQFT
3707 NW 110th Avenue
Ocala, FL 34482
0154 0154 Subdivision
Price Change - 2 weeks ago
$2,900,000
Single Family Home For Sale
Pending
3
BEDS
4
TOTAL BATHS
2,674
SQFT
8301 Congress Street
Port Richey, FL 34668
Port Richey Land Co Sub Subdivision
Foreclosure
$2,250,000
Land For Sale
Pending
34.3
ACRES
COLUMBIA
COUNTY
Tbd SW Commerce Drive
Lake City, FL 32025
Not In Subdivision Subdivision
$1,750,000
Farm For Sale
Active
4
BEDS
3
TOTAL BATHS
2,148
SQFT
8403 Palmer Boulevard
Sarasota, FL 34240
Palmer Farms 3rd Subdivision
Foreclosure
$1,749,000
Single Family Home For Sale
Active
6
BEDS
5
TOTAL BATHS
5,275
SQFT
16391 Shenandoah Cir
Fort Myers, FL 33908
Shenandoah Subdivision
$1,300,000
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,190
SQFT
154 Bayside Drive
Clearwater, FL 33767
Bayside Sub 3 Subdivision
Foreclosure
$1,248,000
Single Family Home For Sale
Pending
4
BEDS
6
TOTAL BATHS
5,744
SQFT
11313 Knights Griffin Road
Thonotosassa, FL 33592
Unplatted Subdivision
Foreclosure
$1,150,000
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
2,565
SQFT
1412 W Harvard Street
Orlando, FL 32804
College Park Third Add Subdivision
Foreclosure
$1,100,000
Single Family Home For Sale
Active
2
BEDS
2
TOTAL BATHS
1,244
SQFT
957 Eldorado Avenue
Clearwater, FL 33767
Mandalay Sub Subdivision
Foreclosure
$1,014,000
Single Family Home For Sale
Pending
5
BEDS
5
TOTAL BATHS
4,547
SQFT
35139 Nashua Boulevard
Sorrento, FL 32776
Cross Tie Ranch Ph 02 Tr A Subdivision
Foreclosure
$980,000
Single Family Home For Sale
Active
4
BEDS
3
TOTAL BATHS
3,015
SQFT
3137 Masters Drive
Clearwater, FL 33761
Countryside Tr 56 Subdivision
Foreclosure
$945,000
Single Family Home For Sale
Active
4
BEDS
3
TOTAL BATHS
1,431
SQFT
1268 14th Ave N
Naples, FL 34102
Lake Park Subdivision
Foreclosure
$899,000
Single Family Home For Sale
Active
8
BEDS
5
TOTAL BATHS
3,909
SQFT
1473 Rolling Fairway Drive
Davenport, FL 33896
Stoneybrook South Ph G 1 Subdivision
$875,000
Single Family Home For Sale
Pending
5
BEDS
7
TOTAL BATHS
5,236
SQFT
1535 Manor Way S
St Petersburg, FL 33705
Pinellas Point Add Sec C Mound Sec Subdivision
Foreclosure
$824,900
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
2,117
SQFT
11461 Claymont Circle
Windermere, FL 34786
Keenes Pointe Subdivision
Foreclosure
$799,900
Townhouse For Sale
Pending
3
BEDS
3
TOTAL BATHS
2,515
SQFT
955 Harbour Bay Drive
Tampa, FL 33602
The Twnhms At Harbour Bay P Subdivision
Foreclosure
$788,500
Single Family Home For Sale
Active
2
BEDS
3
TOTAL BATHS
2,920
SQFT
13483 Heritage Way
Sarasota, FL 34240
Oak Ford Golf Club Subdivision
Foreclosure
$760,000
Mobile Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
2,568
SQFT
2680 Richards Road
Tarpon Springs, FL 34688
East Lake Terrace Unrec Subdivision
Price Change - a week ago
$749,900
Commercial For Sale
Active
7,688
SQFT
38449 County Road 54
Zephyrhills, FL 33542
 

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