e.g. Miami or Miami-Dade or Florida or 33132
By foreclosure properties are meant those houses that have come under the foreclosure process. There are many stages to this process – some judicial and others non-judicial. The lender forecloses on the properties and with due permission from the authorities arranges for its sale so as to realize the unpaid dues. It is not just the lender but the tax authorities may also foreclose on properties. Unpaid contractors may also place a lien on the units.
At the time of taking a mortgage the property is kept as security with the lender. When the borrower fails to pay dues for three months the lender issues a notice of foreclosure. By it the owner loses right of ownership on the unit. The pre-foreclosure stage is when the notice has not been issued but the borrower is defaulting. This is the best time for the borrower to open talks with the lender.
Once the notice is issued the house goes into foreclosure. A date is fixed for the auction that may be supervised either by the courts or by trustees depending on the laws prevalent in different states. If the house does not get sold at the auction then it reverts to the bank, freeing the borrower from all obligations.
Generally by foreclosing on a property the banks became rich. But it is not so now. There are so many foreclosed properties that banks are facing collapse. On the one hand the flow of money from mortgage dues has dried up and on the other the houses are not selling. There are so many foreclosed properties in the market that supply is outstripping demand causing prices of foreclosed properties to drop by as much as 50% sometimes.
The commercial real estate sector of South Florida continues to be thrashed and devastated by the listings of foreclosures by the banks. This crisis tracing its roots from the residential areas is now gradually proceeding towards the commercial property sector in quite a few cities. Among the various commercial foreclosures, procedures [...]
Although many people investing and buying foreclosed properties, automatically associate it with the residential market, they are not aware that a surfeit of bargains is available in commercial foreclosures. Commercial foreclosed properties are those that have been purchased by taking a commercial mortgage and are now in delinquency. These types of units range from warehouses [...]
A study made lately by the Furman Center for Real Estate and Urban Policy show that a significant number of REO properties in New York City grew throughout a period of 15 year from 1993 to 2009, tossed within a period of one year. The Furman Center was organized by Robert F. Wagner Graduate School [...]
Florida ranks second in its number of foreclosed homes, the first position being held by California. The foreclosures in these two states are so acute because the homeowners in a bid to buy and sell homes fast, over-inflated their property five years back. They inflated the values of their property through rapid sales with the [...]
Swimming pools left unattended when homeowners vacate a property due to foreclosure are posing health hazards for the neighborhood. Many pools are becoming breeding grounds for mosquitoes as the water stagnates and collects algae. Crows and other birds are also drawn to the pools which then become their watering holes. It is not uncommon to [...]
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