Foreclosures

In Florida, the lender goes to court in a judicial foreclosure proceeding where the court issues a final judgement of foreclosure.  The property is sold as a "publicly noticed sale".  It takes about 180-200 days to effectuate an uncontested foreclosure, and this can be delayed even further if the borrower contests (disputes) the action.

Also worth keeping in mind that in Florida, the rules allow a homeowner to "reclaim" his or her property through the right of redemption.  This is not the case in buying a short sale (for further information, please review the short sale section).

Most foreclosures are bought "as is" . An "as is" property often has many repairs and damages from previous owners that have removed cabinets and appliances, and other items of value. Make sure that your agent adds an addendum that releases you from the contract during the inspection period.

I am extremely well versed in the foreclosure process, and would be happy to help you find the "deal of the century". There are many potential pitfalls along the way, but I would be happy to serve as your guide. Please don't hesitate to contact me by phone at 239-560-1171 or via email at ingawilson@me.com - I look forward to lending a hand.

Interested in more foreclosure information? Check out the wikipedia article on foreclosure.