Foreclosure properties have become one of the most popular real estate options within Miami as they have proven to be a great way for property buyers to choose among the most affordable options within the region.
While many consider foreclosure to be the worst thing that can happen to a homeowner, it has often been considered to be a dream come true for property buyers, especially among those who are fortunate enough to find options that are in good shape. However, property buyers need to understand exactly what foreclosures are in order to become fully aware of what it is that they are planning to purchase from the market.
What are Foreclosures?
Foreclosure is a situation wherein a borrower becomes unable to make payments on their existing mortgage which then enables the lender to seize the property in order to put it on the property market for sale as mentioned in the terms of the contract.
Within the state of Florida, mortgage lenders are required to follow the judicial foreclosure process wherein the lender initiates the process through a Florida court. There are three basic types of foreclosures, depending on where the real estate property is when it comes to the foreclosure process. The three stages are:
Properties that are in the pre-foreclosure stage can easily avoid any further damage to the credit rating of the property’s homeowner since the property can be transferred at a price that is agreed upon by both the lender and the borrower. Property buyers that are interested in purchasing pre-foreclosure options within Miami can easily get in touch with our team of real estate experts to find out about their available options.
After a property reaches pre-foreclosure, it enters into the foreclosure stage which can last for a couple of months. The foreclosure process can take a significant amount of time in order to complete. The fact of the matter is that there are many real estate properties that are current stuck in the foreclosure process which means plenty of options are available to property buyers who are looking for the best deals on today’s property market.
Properties which have already been seized by lenders are usually those which are in the post-foreclosure stage. Such real estate properties become REOs or Real Estate Owned properties.
More often than not, lenders who have REOs under their possession can be lenient when it comes to selling such properties since they are usually eager to replenish the money which they have provided to the borrower so property buyers can often look forward to being able to make negotiations on post-foreclosure properties.
Property buyers that are familiar with each of the three different types of foreclosure properties are more likely to be able to find success when buying these types of real estate options from the Miami real estate market.
If you would like to be able to purchase foreclosure properties within Miami, you will find it to be in your best interest to get in touch with our team of real estate experts who are highly knowledgeable when it comes to these types of real estate properties. We see to it that all of our clients are given all of the best options that are currently available on the property market alongside professional assistance throughout the entire process from start to end.