Foreclosure, Short Sales and REO Homes in South Florida

Everyone has interest of finding a bargain, and real estate foreclosures are often seen as a good buying opportunity, particularly by people looking for their first home, or investors seeking a good deal.

Some of the best deals in the South Florida real estate market today can be found in distressed properties.

Buying a foreclosure can be a smart investment, whether you plan to live there, rent it out, or do a fix and flip project. Not all foreclosures represent bargains. Finding the best deals requires research, market analysis and a great deal of time reviewing all of the properties. With my services, finding and buying a foreclosure saves you time and money!

If you are about to be in foreclosure, call me. There are options available to you! Act quickly in order to stop the foreclosure process. If you are already in foreclosure, you may still have options, but as time passes these options become more limited.

FORECLOSURE

Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a real property due to the owner's failure to comply with a mortgage.

Typically, foreclosure is caused by owner's failure to pay the mortgage payments, but the default to perform any requirements of the mortgage may also cause foreclosure, like the failure to pay the property taxes.

REO PROPERTY

REO stands for Real Estate Owned. REO is a term which refers to a property that is owned by and in the possession of the lender as a result of a foreclosure.

MARKET VALUE

Market value is the most probable price which a property should bring in a competitive and open market under all conditions requisite a fair sale, the buyer and the seller each acting prudently and knowledgeably; and assuming the price is not affected by undue stimulus.

SHORT SALE

Short Sale occurs when a property sells for a price that is less than the amount owed to the lender.

To qualify for a short sale, the homeowner should show a financial hardship; and owe the lender as much or more than the property is worth.

A Short Sale not always is a Good Deal

• There is no assurance that the seller will obtain the approval of sale from the lender
• Most lenders will not allow the seller to pay for repairs
• Most lenders will not allow closing costs and other credits to be given to a buyer

There may be other properties available though a traditional transaction which you may find better satisfies your goals.

South Florida features spectacular oceanfront properties, lakes and canals, homes and luxury condos in golf communities, country clubs, custom built homes, land and lots, amazing properties with private dock and a variety lifestyles to suit almost every taste.

Contact Raffaele Covino to request a customized home search and schedule a visit tour to show you properties reflecting your particular preferences.