Buying Foreclosure in South Florida
There are three different ways to buy homes in foreclosure
Buying a pre-foreclosure property from a private homeowner
is the best option for a typical buyer.
Some of the best deals can be negotiated with sellers who typically are very motivated to get out from the mortgage without destroying their credit rating.
The buyer gets a below-market price on a home and has time to research the title and condition of the property.
BID AT THE FORECLOSURE AUCTION
Foreclosure auction sales are typically the domain of the professional investor. These properties are formally in default, and sold to the highest bidder at an auction.
Buyers often are required to pay in cash at the auction and may not have much time to research the title and condition of the property in advance. Buyers will be competing against professional investors and sometimes even the lender.
A public auction often offers some of the best bargains and avoids the unpredictability of dealing directly with the owner.
BUY DIRECTLY FROM THE LENDER
If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. A property owned by a lender is also know as REO (Real Estate Owned) or Foreclosed.
The lender will then typically clear the title and perform needed maintenance and repair; however, the potential bargain for these REO homes is typically less than a pre-foreclosure or auction property. The advantage of purchasing directly from the bank is the elimination of all title risk.
If you are interested in buying or investing in Foreclosures and Short Sales in Parkland, Coral Springs, Lighthouse Point and surrounding cities, contact Covino Real Estate LLC today.
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