Foreclosure and Short Sale Properties for Sale
Below is a list of foreclosure and short sale search
links that we have created for you to find foreclosure
and short sale property along the Emerald Coast
including Destin, The Beaches
of South Walton, and Fort Walton
Beach.
Select a property category from the choices below
to see Foreclosure and Short Sale Listings in Destin,
Sandestin, Santa Rosa Beach, Fort walton Beach and
the Surrounding Areas:
What is foreclosure?
Foreclosure is a process that allows a lender to
recover the amount owed on a defaulted loan by selling
or taking ownership (repossession) of the property
securing the loan. The foreclosure process begins
when a borrower/owner defaults on loan payments
(usually mortgage payments) and the lender files
a public default notice, called a Notice of Default
or Lis Pendens. The foreclosure process can end
one of four ways:
-
The borrower/owner reinstates
the loan by paying off the default amount during
a grace period determined by state law. This grace
period is also known as pre-foreclosure.
-
The borrower/owner sells the property
to a third party during the pre-foreclosure period.
-
The sale allows the borrower/owner
to pay off the loan and avoid having a foreclosure
on his or her credit history.
-
A third party buys the property
at a public auction at the end of the pre-foreclosure
period.
-
The lender takes ownership of
the property, usually with the intent to re-sell
it on the open market. The lender can take ownership
either through an agreement with the borrower/owner
during pre-foreclosure, via a short sale foreclosure
or by buying back the property at the public auction.
Properties repossessed by the lender are also
known as bank-owned or REO properties (Real Estate
Owned by the lender).
This foreclosure process allows for
three opportunities for finding bargains on foreclosure
homes.
Pre-Foreclosure (NOD, LIS):
Buying a property in pre-foreclosure involves approaching
the borrower/owner and offering to buy the property
outright. The borrower/owner can walk away with
something to show for any equity in the property
and avoid a bad mark on his or her credit history.
The buyer has time to research the title and condition
of the property and can realize discounts of 20-40
percent below market value.
Wondering what happens after foreclosure?
Then please read on. Remember that understanding
foreclosures is the first step for homeowners to
stop foreclosure. It is also the first step for
investors to buy foreclosure properties.
Auction (NTS, NFS):
If the loan is not reinstated by the end of the
pre-foreclosure period, potential buyers can bid
on the property at a public auction. Buyers often
are required to pay in cash at the auction and may
not have much time to research the title and condition
of the property beforehand; however, a public auction
often offers some of the best bargains and avoids
the unpredictability of dealing directly with the
borrower/owner.
Bank-owned (REO):
If the lender takes ownership of the property, either
through an agreement with the owner during pre-foreclosure
or at the public auction, the lender will usually
want to re-sell the property to recover the unpaid
loan amount. The lender will then typically clear
the title and perform needed maintenance and repair;
however, the potential bargain for these REO homes
is typically less than a pre-foreclosure or auction
property. Bank foreclosures can become government
foreclosures if the loan is backed by a government
agency such as the Department of Housing and Urban
Development (HUD) or the Department of Veterans
Affairs (VA). In that case the government agency
would be responsible for selling the property.
Before you buy
You'll need to make sure you're armed with the foreclosure
data you'll need to find and buy foreclosed homes.
You can start our Foreclosure and Short Sale listings
database, which includes properties all along the
Emerald Coast.
Have a Question?
Ask the Experts!
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and short sale properties along the Emerald Coast?
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