WHAT IS REAL ESTATE FORECLOSURE?

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When a homeowner fails to make timely payments due on his or her mortgage, a process known as a real estate foreclosure begins, and the home ownership is turned over to the lending institution. Foreclosure may happen for many different reasons, such as unemployment or changing terms of the loan itself, but it always results in the termination of the homeowner’s rights to the property. Procedures, exact legal definitions and time frames vary between states, but like all other places in the country Palm Beach real estate foreclosures eventually end up back on the market for sale.

The market for Palm Beach real estate foreclosures often consist of gorgeous homes, sometimes closing for a reduced price. From sophisticated condos in West Palm Beach to quaint ranch homes in Ocean Ridge, the types of homes are always wide ranging - even the most experienced homeowner or buyer will tell you that foreclosed properties can present an attractive opportunity to acquire your ideal home.

Many investors consider Palm Beach real estate foreclosures to be great properties for refurbishment and resale. As an affluent region featuring excellent schools and amenities, people from all over the country are drawn to the unique lifestyle and superb homes that Palm Beach offers. Even if you don’t intend to stay here, there is a good chance you will find a buyer who will.

Because most Palm Beach real estate foreclosures are sold “as is”, you will need to carefully inspect the property before you buy. Whether you are a seasoned homebuyer or a first time buyer, teaming up with a professional realtor who has years of experience in the industry can make a huge difference to your success.

To learn more about real estate foreclosure opportunities, whether in Ft. Lauderdale, Boca Raton, or West Palm Beach, ask your realtor.

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