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
$2,399,999
Land For Sale
Pending
6.47
ACRES
LEE
COUNTY
1311 NE Pine Island Rd
Cape Coral, FL 33909
PINE ISLAND Subdivision
Foreclosure
$1,235,000
Single Family Home For Sale
Pending
6
BED
5
TOTAL BATHS
3,058
SQFT
5770 Estero Blvd
Fort Myers Beach, FL 33931
FORT MYERS BEACH Subdivision
Foreclosure
$850,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
3,510
SQFT
1302 Jambalana Ln
Fort Myers, FL 33901
FORT MYERS Subdivision
Foreclosure
$799,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,186
SQFT
1102 Harbor Cottage Ct
Sanibel, FL 33957
HARBOUR COTTAGES Subdivision
Foreclosure
$715,900
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
3,232
SQFT
5511 SW 14th Ave
Cape Coral, FL 33914
CAPE CORAL 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
$515,000
Single Family Home For Sale
Pending
4
BED
5
TOTAL BATHS
4,794
SQFT
13540 Brynwood Ln
Fort Myers, FL 33912
BRYNWOOD Subdivision
Foreclosure
$477,600
Condo For Sale
Pending
2
BED
2
TOTAL BATHS
1,155
SQFT
Vanderbilt Beach #1-303
9101 Vanderbilt Dr 1-303
Naples, FL 34108
Foreclosure
$474,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,786
SQFT
140 Crescent Dr
Fort Myers, FL 33919
NOT APPLICABLE Subdivision
Foreclosure
$467,300
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,226
SQFT
16347 Coco Hammock Way
Fort Myers, FL 33908
COCO BAY Subdivision
Foreclosure
$439,900
Multi-Family For Sale
Active
10
BED
8
TOTAL BATHS
Cape Coral #1-4
2846 SE 16th Pl 1-4
Cape Coral, FL 33904
Foreclosure
$389,900
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
2,177
SQFT
7583 17th Pl
Labelle, FL 33935
WHEELERS SUBD Subdivision
Foreclosure
$386,100
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,516
SQFT
8478 Laurel Lakes Cv
Naples, FL 34119
LAUREL LAKES Subdivision
Foreclosure
$375,000
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
$369,950
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,516
SQFT
3081 Pine Tree Dr
Bonita Springs, FL 34134
BONITA PINES Subdivision
Foreclosure
$359,900
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,640
SQFT
2261 West End Ct
Lehigh Acres, FL 33973
WESTMINSTER Subdivision
Foreclosure
$349,950
Single Family Home For Sale
Active
4
BED
2
TOTAL BATHS
2,230
SQFT
1018 NW 32nd Pl
Cape Coral, FL 33993
CAPE CORAL Subdivision
Foreclosure
$339,900
Single Family Home For Sale
Pending With Contingencies
4
BED
3
TOTAL BATHS
2,280
SQFT
4165 15th Ave SW
Naples, FL 34116
GOLDEN GATE ESTATES Subdivision
Foreclosure
$325,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,831
SQFT
9079 Astonia Way
Estero, FL 33967
THE RESERVE AT ESTERO Subdivision
Foreclosure
$324,900
Condo For Sale
Active
3
BED
2
TOTAL BATHS
1,846
SQFT
Copperleaf At The Brooks #1208
23501 Wisteria Pointe Dr 1208
Estero, FL 34135

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