Purchasing a Foreclosed Home
Compared to other states, Florida has one of the highest foreclosure rates. An estimated 1 out of every 662 housing units receive a foreclosure filing, compared to the national rate of 1 out of every 1,268. As a result, foreclosure sales have been a large part of the market, expanding the possibility for sellers and buyers to obtain a great result, particularly in Jacksonville.
You may acquire a foreclosed property in one of the following ways.
1. Entering into a PASA with the Seller
For example, a seller may be quite far into the foreclosure process with the lender or mortgage holder, but they may still enter into a PASA with you in an effort to avoid a Final Judgement of Foreclosure. Timing is everything, however, and we can assist you with every step of the foreclosure and sale process. We can negotiate with the lender, work with the lender’s attorney, file necessary documents with the Court, and create and implement a timeline that works in the best interest of all parties.
2. Via Public Auction
This is slightly different from the above example because, by the time the property reaches a public auction, there has already been an entry of a Final Judgment of Foreclosure. While obtaining a foreclosed property via public auction can yield a great deal, it can also come with legal challenges that we are fully prepared to help you navigate.
3. Buying the Property Directly from the Bank
The bank from which you purchase the property is typically the lender of the previous owner. Unlike in other types of sales, the bank will make no guarantees or warranties as to the condition of the property or title. An inspection and a title search are investments worth making prior to the purchase of a foreclosed home from the bank. If issues come to light after the title search (such as a tax lien), we can help you resolve these problems with efficiency and care.
Call (904) 478-9255 or contact Edwards & Edwards, P.A. online for the exemplary level of assistance you need.