Foreclosures, Short Sales and REOs
Prudential Florida Realty offers a wide selection of Foreclosures, Short Sales and REO properties. Please contact one of our specialized Sales Associates, select a listing below for more information or search our entire database of foreclosure properties Here.
Over the last few years FLORIDA REAL ESTATE has experienced significant changes in the way homes are purchased and sold. We now have traditional private sellers, foreclosures, distressed sales or short sales and bank owned properties as REOs.
Let's take a moment to discuss the differences in these types of transactions.
Foreclosures
A Foreclosure is the process by which a lender or bank repocesses a home from the owner, resulting form the owner failing to make payments on the home loan. Foreclosured properties purchases have longer closing periods and require additional paperwork to release the home from the bank.
Short Sales
A Short Sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property loan. It occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides to sell the property at a moderate loss. Both parties consent to the short sale process because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan.
REO
REO or Real Estate Owned, happens when there were no bidders at the foreclosure auction so the bank now owns the property. Banks are not in real estate business so they want to get rid of the property as soon as possible. REOs can be good property investments but you need to do some diligent research.
