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
$1,690,000
Single Family Home For Sale
Active
4
BEDS
3
TOTAL BATHS
5,474
SQFT
4150 Dingman Dr
Sanibel, FL 33957
Seagate Subdivision
Foreclosure
$835,000
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,885
SQFT
355 Copperfield Ct
Marco Island, FL 34145
Marco Island Subdivision
Foreclosure
$816,200
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,100
SQFT
465 8th St N
Naples, FL 34102
Olde Naples Subdivision
Foreclosure
$645,900
Condo For Sale
Pending
2
BEDS
2
TOTAL BATHS
1,511
SQFT
Bayfront #2503
410 Bayfront Pl 2503
Naples, FL 34102
Foreclosure
$545,000
Commercial For Sale
Active
0.1711
ACRES
LEE
COUNTY
12734 Kenwood Ln 53 #53
Fort Myers, FL 33907
 
Foreclosure
$455,000
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,726
SQFT
2504 Belleville Ct
Cape Coral, FL 33991
Sandoval Subdivision
Foreclosure
$400,900
Single Family Home For Sale
Active
4
BEDS
3
TOTAL BATHS
2,118
SQFT
518 SE 1st Ter
Cape Coral, FL 33990
Cape Coral Subdivision
Foreclosure
$339,900
Single Family Home For Sale
Active
2
BEDS
1
TOTAL BATH
975
SQFT
1533 Coconut Dr
Fort Myers, FL 33901
Coconut Grove Subdivision
Foreclosure
$294,950
Villa For Sale
Pending With Contingencies
3
BEDS
2
TOTAL BATHS
1,256
SQFT
Tanglewood #17
518 Saint Andrews Blvd 17
Naples, FL 34113
Foreclosure
$284,900
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
$255,900
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,214
SQFT
17552 Lebanon Rd
Fort Myers, FL 33967
San Carlos Park Subdivision
Foreclosure
$243,900
Condo For Sale
Active
2
BEDS
2
TOTAL BATHS
1,122
SQFT
Heritage Palms Golf And Country Club #424
8076 Queen Palm Ln 424
Fort Myers, FL 33966
Foreclosure
$239,000
Land For Sale
Active
0.344
ACRES
LEE
COUNTY
5407 SW 22nd Pl
Cape Coral, FL 33914
Cape Coral Subdivision
Foreclosure
$229,900
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,256
SQFT
916 SE 22nd St
Cape Coral, FL 33990
Cape Coral Subdivision
Foreclosure
$225,000
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,777
SQFT
112 Blackstone Dr
Fort Myers, FL 33913
Mirror Lakes Subdivision
Foreclosure
$199,900
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,392
SQFT
1122 SE 35th Ter
Cape Coral, FL 33904
Cape Coral Subdivision
Foreclosure
$199,000
Single Family Home For Sale
Active
4
BEDS
2
TOTAL BATHS
1,422
SQFT
1094 Alabama Rd S
Lehigh Acres, FL 33974
Mirror Lakes Subdivision
Foreclosure
$189,900
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,506
SQFT
18052 Doral Dr
Fort Myers, FL 33967
San Carlos Park Subdivision
Foreclosure
$189,900
Single Family Home For Sale
Active
2
BEDS
3
TOTAL BATHS
1,520
SQFT
8674 Athena Ct
Lehigh Acres, FL 33971
Olympia Pointe Subdivision
Foreclosure
$189,000
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,454
SQFT
2218 Flora Ave
Fort Myers, FL 33907
Ft Myers Villas Subdivision

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