|Southeast Florida Condo Foreclosures - Beach Area (REO's)|
These are Southeast Florida Condo Foreclosures Listings in the Beach Areas of Aventura, Boca Raton, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale Beach, Highland Beach, Hillsboro Beach, Hollywood Beach, Lauderdale By The Sea, Lighthouse Point, Pompano Beach and Sunny Isles.
|Broward County Foreclosure Listings||Palm Beach County Foreclosure Listings|
Southeast Florida Condo Foreclosures
Condo Foreclosures in Southeast Florida
A Condo Foreclosure Sale occurs when a Lender forecloses on a property. It places the property up for public auction at the "Trustee Sale". Set by the foreclosing lender, the opening bid on the property is equal to the outstanding loan balance, interest accrued, and any additional fees incurred. If there are no bids higher than the opening bid, the property is deemed REO or Real Estate Owned, and possession is given to the Lender. This is a typical occurrence, since many of the properties up for sale at Trustee Sale auctions are worth less than the total amount owed to the Lender.
At this point, the Lender orders a BPO (type of appraisal) to analyze the present value of the property, and lists it on the market with a Real Estate Broker. The Broker places it on the Multiple Listing Services (MLS) and it shown to prospective Buyers. In fact, some of the listings shown on this site are REO properties. Lender's list prices are at, or very close, to what they will accept. There is generally not very much flexibility in the price. The typical Lender will re-evaluate the list price once a quarter, but most usually sell before that, since they are priced where they should be. Properties are usually sold As-Is, but some require the Buyer to conduct home inspections prior to making an offer.
Lenders usually have guidelines that must be followed to make an offer which may include specific deposits, loan pre-approvals and/or proof of funds. They are typically very responsive and reply back to any offers within five to seven days. Unlike a Short-Sale, REO transactions are usually timely.