Grab the Opportunity to Buy Florida Foreclosure Home
Normally foreclosure only happens when the lender or bank sues the borrower for non-payment of the mortgage loan. The ban records a notice against the defaulting borrower and either through mail or by publication, notifies the latter and any other who might be affected by the foreclosures.
If the borrowers fail to respond within the specified period, then the clerk of court can already declare the borrower in default and then the court will enter a judgment or ruling in the favor of the lender. The ruling will specify the amount still owed to the bank or lender as well as the date for the foreclosure sale.
Timing
Whether you are a buyer or seller of Florida foreclosure property, having enough information will help you understand the investments itself in order to better maximize the opportunities that are present.
In Florida the lender is not required to notify the borrower before the institution of a foreclosures action, the borrower is still left an option to stop of prevent the foreclosure by paying the amount he owes to the borrower until the date of the foreclosure sale.
This is the reason why there are some borrowers who, in their effort preserve their credit or what is left of it choose to enter into a short sale rather than have their properties foreclosed on them. A short sale is a transaction that allows homeowners in danger of foreclosure to negotiate his own property directly to the interested buyer and use the proceeds of the short sale to his outstanding loan. The advantage of having a short sale is often associated with the removal of a foreclosure on the person’s credit history, which is the best thing to do than having a bad credit score that is caused by the foreclosure of the property.
If you are planning to buy your own home, then buying a Florida foreclosure property could be the opportunity that you’re waiting for. A short sale could be a good bargain if you know how to negotiate with the seller but of course you do not want to take advantage of the difficulty of the troubled homeowner, but in reality it would serve you better to both enter in such a transaction. The homeowner will be able to avoid bad credit and you, in turn will be able to get a good deal of home.
There are plenty of Florida foreclosure homes that are available and as a homebuyer it is always important to take your time searching for the best property. You have to give your dedication, patience and time during the search.
Ella Ayson
Florida Foreclosure
