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
$1,975,000
Single Family Home For Sale
Active
4
BED
7
TOTAL BATHS
6,364
SQFT
5850 Harbour Preserve Cir
Cape Coral, FL 33914
CAPE HARBOUR Subdivision
Foreclosure
$799,900
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
2,186
SQFT
1102 Harbor Cottage Ct
Sanibel, FL 33957
HARBOUR COTTAGES Subdivision
Foreclosure
$567,500
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,676
SQFT
4919 Cerromar Dr
Naples, FL 34112
NAPLES LAKES COUNTRY CLUB 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
$559,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,911
SQFT
10489 Redondo St
Port Charlotte, FL 33981
PORT CHARLOTTE Subdivision
Foreclosure
$547,500
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,200
SQFT
4417 SW 18th Pl
Cape Coral, FL 33914
CAPE CORAL Subdivision
Foreclosure
$489,900
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,785
SQFT
8791 Largo Mar Dr
Estero, FL 33967
BELLE LAGO 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
$439,900
Multi-Family For Sale
Pending With Contingencies
10
BED
8
TOTAL BATHS
Cape Coral #1-4
2846 SE 16th Pl 1-4
Cape Coral, FL 33904
Foreclosure
$419,900
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
$389,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,975
SQFT
9319 La Bianco St
Estero, FL 33967
THE RESERVE AT ESTERO Subdivision
Foreclosure
$366,700
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,516
SQFT
8478 Laurel Lakes Cv
Naples, FL 34119
LAUREL LAKES Subdivision
Foreclosure
$365,300
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,058
SQFT
2040 16th Ave SW
Naples, FL 34117
GOLDEN GATE ESTATES Subdivision
Foreclosure
$364,000
Condo For Sale
Active
3
BED
3
TOTAL BATHS
1,700
SQFT
Water's Edge At Peppertree Pointe #101
14817 Laguna Dr 101
Fort Myers, FL 33908
Foreclosure
$359,900
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
1,516
SQFT
3081 Pine Tree Dr
Bonita Springs, FL 34134
BONITA PINES Subdivision
Foreclosure
$349,900
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
$345,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,786
SQFT
1417 NW 38th Ave
Cape Coral, FL 33993
CAPE CORAL Subdivision
Foreclosure
$329,900
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
$319,000
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,436
SQFT
2139 SE 19th Pl
Cape Coral, FL 33990
CAPE CORAL Subdivision

(2) Comments

  1. Pingback: What is a foreclosed home? – Jaclyn Maya's Blog

  2. Pingback: What is a foreclosed home? – Jeff Tumbarello

Leave a Reply