The Three Stages of Foreclosure

There are plenty of Miami Beach homes that have unfortunately fallen into foreclosure. You’ve likely heard about the affordability of foreclosure homes and its risks, but there is more to the process than simply picking from a list of properties. Let’s take a look at the three stages of foreclosure.
If the homeowner has missed payments, it’s likely the home has fallen under pre-foreclosure and will soon be auctioned off. Courthouses are a great source for finding these kinds of properties since they keep copies of delinquency notices. Be very careful if you plan on discussing any pre-foreclosure Miami Beach Homes with the homeowners themselves as they could react negatively due to their situation. Short sales are also good if you don’t mind dealing with banks.
Sheriffs’ sales are where South Beach Condos are auctioned off but bidders cannot see what they’re bidding for. Because of this, you need to be prepared to potentially buy something that may not be in the best of conditions.
If the original lender comes into possession of a home, it’s now a post foreclosure. By this time the home becomes an REO and the prices are no longer as low as a sheriffs sale though you can still find good deals on Miami Beach homes. An REO may also be a good idea as you won’t have to deal with homeowners.

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The Author is a Miami Beach Realtor who often publish interesting informative articles on Miami Beach Condos, South Beach Condos , Miami beach homes and Miami Beach Real Estate.

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