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
$1,593,400
Single Family Home For Sale
Active
5
BED
7
TOTAL BATHS
4,981
SQFT
681 Katemore Ln
Naples, FL 34108
PELICAN BAY Subdivision
Foreclosure
$824,900
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
$599,900
Land For Sale
Active
0.52
ACRES
LEE
COUNTY
4321 Sol Vista Dr
Upper Captiva, FL 33924
UPPER CAPTIVA 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
$444,420
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,100
SQFT
264 Lambton Ln
Naples, FL 34104
BERKSHIRE LAKES Subdivision
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
$394,900
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,965
SQFT
4523 Collingswood Blvd
Port Charlotte, FL 33948
PORT CHARLOTTE Subdivision
Foreclosure
$380,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,561
SQFT
15381 Briarcrest Cir
Fort Myers, FL 33912
BRIARCREST Subdivision
Foreclosure
$357,500
Single Family Home For Sale
Active
2
BED
1
TOTAL BATHS
1,161
SQFT
47 River Ct
Naples, FL 34110
PALM RIVER SHORES 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
$269,900
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
Foreclosure
$254,900
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,280
SQFT
3383 4th Ave
St. James City, FL 33956
ST JAMES CITY Subdivision
Foreclosure
$232,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,743
SQFT
1546 Canal St
Lehigh Acres, FL 33936
LEHIGH ACRES Subdivision
Foreclosure
$219,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,000
SQFT
11798 Van Loon Ave
Port Charlotte, FL 33981
PORT CHARLOTTE Subdivision
Foreclosure
$219,900
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,280
SQFT
3745 Mango St
St. James City, FL 33956
PINE ISLAND TROPICAL HOMESITES Subdivision
Foreclosure
$219,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,328
SQFT
921 SE 32nd Ter
Cape Coral, FL 33904
CAPE CORAL Subdivision
Foreclosure
$214,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,921
SQFT
3776 Gasparilla St
St. James City, FL 33956
PINE ISLAND TROPICAL HOMESITES Subdivision
Foreclosure
$214,900
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,283
SQFT
13793 Harbor Dr
Bokeelia, FL 33922
PINE ISLAND ESTATES Subdivision
Foreclosure
$214,900
Condo For Sale
Active
3
BED
2
TOTAL BATHS
1,736
SQFT
Grandezza #1305
20041 Seagrove St 1305
Estero, FL 33928

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