Real Estate Foreclosures For Sale: Finding the Deal

Posted by Kate Story on March 31, 2019  /  in NEWS  /  Comments off

Each county within Florida has a specific website dedicated to information regarding real estate foreclosures for sale. Click HEREto browse the Hillsborough Clerk of Courts or click HERE to browse the Pinellas County Foreclosure. There are sixty-seven counties in the state of Florida. On the county website they have an auction calendar that shows which foreclosure houses are going to auction on which day. They include the case #, final judgment amount, parcel ID, property address, and assessed value. They also include the time for each auction. Since they hold multiple auctions at once, you could very well find yourself bidding on two different houses at once.

It is extremely important to stay on top of the real estate foreclosures for sale calendars. These calendars date forward roughly six months, showing which houses are going for auction on which days. Although they forecast the real estate foreclosures for sale for the upcoming six months, it does not guarantee every one of those scheduled houses will make it to the bidding process. A foreclosure can cancel the day of the sale or anywhere from a week to a month prior to the sale. There are many variables that can play a role into whether a foreclosure goes to auction or is cancelled. For example, if an owner contests the foreclosure or if a third party is able to negotiate and pay off the existing mortgage.

An owner is able to contest their home’s foreclosure sale, however only a limited number of times. To contest the sale, the owner is required to submit a complaint stating their arguments for contesting the foreclosure. When an owner does this it prolongs the sale of the home because a hearing is scheduled for the complaint and reviewed by a judge. If the judge does not believe the owner’s complaint is sufficient, the house is placed back on the county’s foreclosure calendar and scheduled for auction. The other way a foreclosure can cancel is if a Buyer negotiates a deal with the owner and the bank or mortgage holder. For example, Joe is in foreclosure and owes a $70,000 payoff. If Real Estate Kate is able to strike a deal with all parties, paying $80,000, which satisfies the $70,000 payoff and puts $10,000 in Joes pocket, the sale is cancelled.

Zillow, a house hunting website and app, that according to DMR Business Statistics, has 188 million monthly visitors, also has the ability to show USA foreclosures for sale(DMR). On their website under the listing tab, and potential listings, they have “foreclosed” and “pre-foreclosure”. However, because they are not the direct source of USA foreclosures for sale, and pull it from other databases, their listing information can sometimes be inaccurate. For example, they may still show a home as a “pre-foreclosure” when the owner has actually caught up on payments or they may list a “foreclosed” home even after it has been sold at the auction.

Zillow can also connect you directly with an REO agent specialist. These agents specialize in real estate owned by the bank or mortgage companies. If bank owned foreclosures for sale do not sell at auction, they hit the open market on the multiple listing service (MLS). Since these REO agents have special relationships with the banks, they are usually chosen to list the bank owned foreclosures for sale.Having contact with one or more of these agents is a wise way to stay up to date on the latest bank owned foreclosures for sale. Not only do these agents get the listings themselves, but they also are usually friendly with the other REO agents and keep tabs on what they may have coming available soon.

To understand what is the process to buy a foreclosure, check out “What is the Process to Buy a Foreclosure? Understand Key Components”.

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  • ***I am disclosing as much information as possible. I am NOT a licensed tradesman and or general contractor. The information should be deemed reliable, but NOT guaranteed. Buyer should ALWAYS do their own DUE DILIGENCE with licensed professionals and or city departments to determine the condition and use of the property prior to purchasing.

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