If a home buyer is looking for a great property at a rock-bottom price, that person may be considering investing in a foreclosed property. They often offer an excellent deal on a property that may otherwise be out of their price range or not even in their usual considerations. When it comes to Florida waterfront properties, finding a foreclosure may not be the simplest task, but it could provide you with a fantastic opportunity to own a highly coveted piece of land for a fraction of the usual price.
Because buying a foreclosure property is not a process that most home buyers will typically go through, the ins and outs of it can seem confusing. Locating these properties may also not be clear for many home buyers, so our team at Your Home Sold Guaranteed Realty - Florida Waterfront is happy to share our insight and knowledge with you to help you decide if this is an option you may want to consider.
This post will walk you through everything you need to know about foreclosures, buying a foreclosed property, and some tips on finding Florida waterfront foreclosure properties in your area.
What Are Foreclosure Properties?
In every mortgage contract, there is a lien placed on the property by the lender. This lien allows the lender to reclaim the property in the event that you fall behind on your mortgage payments or stop making them altogether. Once the lender takes control of the property, it is considered a foreclosure.
After the property has been taken by the lender, that lender will then notify the county of an impending sale of the property as a way of paying off the mortgage as well as any fees, taxes, and other expenses associated with the property. The first attempt at a sale will be the trustee’s sale, or a public auction. Should the property not sell at a desired price through this auction, then it will become a real estate owned (REO) property. The bank then tries to sell it, and this is where most home buyers looking to invest in a foreclosed home will be able to make their purchase.
Difference between Foreclosure and REO (Real Estate Owned) Properties
There is a difference between a foreclosed home and a real estate owned property, but these terms are often used interchangeably. The difference is described above. Right after foreclosure, the lender is in possession of the property. It is considered a foreclosed property. If it fails to sell at auction, then it becomes a real estate owned property through the bank. Though this is a minor distinction, it is best to know the difference in case you hear the terms being thrown around.
Benefits of Investing in Florida Waterfront Foreclosure Properties
As you may already know, the primary advantage of investing in Florida waterfront foreclosure properties is the fact that you can get a typically very expensive property for far less than market value. This is true of most foreclosed properties.
The bank is a highly motivated seller because they do not want to retain ownership of the property for very long. They simply want their money. Because of this, they are willing to sell the property for far less than its full market value in the given real estate market. If the bank wants to sell and has had the property for a long time, you could find yourself with a very good deal.
Another great benefit of buying Florida waterfront foreclosure properties is that you can save money on the purchase and dedicate it to any necessary repairs or renovations for the home. Typically, Florida waterfront homes are very expensive, but the foreclosure allows you to purchase a property that may otherwise be out of your price range. The caveat is that it may need some repair work since it is sold to you as-is. With the money you have saved from the sale, you can make renovations on your own schedule and with plenty of money.
How Can a Home Buyer Find Florida Waterfront Foreclosure Properties?
In the past, finding Florida waterfront foreclosure properties was a very difficult and frustrating task because it took some serious research and digging to locate foreclosed homes in your area. Thanks to the ever-expanding reaches of the internet, you can now locate Florida waterfront foreclosure properties from the comfort of your own home.
Some of the most useful websites to use when looking for Florida waterfront foreclosure properties include:
- United State Department of Housing and Urban Development (HUD): government website which lists foreclosed properties throughout the country and will connect you with a realtor for a specific property
- Fannie Mae HomePath®: dedicated website for helping home buyers find the properties they are looking for, including foreclosures
- Freddie Mac HomeSteps®: similar to the Fannie Mae website but through Freddie Mac
In addition to the above websites, your best and most efficient way to find Florida waterfront foreclosure properties is to seek out the assistance of an experienced realtor with experience and knowledge of the local area. Our realtors at Your Home Sold Guaranteed Realty - Florida Waterfront have the insider information needed to locate a great property for you to invest in, and we will do everything we can to make sure it meets your needs.
Our Realtors Can Help You Find Great Florida Waterfront Foreclosure Properties!
When it comes to buying a new home, our realtors at Your Home Sold Guaranteed Realty - Florida Waterfront understand the importance of finding a great deal and getting the most home for your money. We are happy to discuss the benefits and drawbacks of investing in Florida waterfront foreclosure properties with you as well as assisting you in finding the perfect property for you.
We also offer exceptional home buyer guarantees that you won’t find anywhere else to give you peace of mind when looking for a new home. Our team strives to make the home buying process as easy and fun as possible, and that is why we are committed to helping you at each stage. From searching for foreclosed homes to walking you through the purchasing process, we will be there to answer any questions and address your concerns.
If you are interested in buying Florida waterfront foreclosure properties and want more information on how to find the right one, give us a call at 407-307-2617 or fill out the form on this page with the requested information. One of our skilled realtors will send you a detailed response as soon as possible. We look forward to hearing from you and helping you get started on your home buying journey!