Understanding the foreclosure process in Florida Please consult a real estate expert before making any major financial decisions.īut this is a short guide of how you can buy a foreclosed home in Florida. When a property owner does not pay their mortgage for a long period of time, the bank can force the sale of the property in a lengthy judicial process.Īs a disclaimer, this article is not intended as financial or real estate advice. Foreclosed houses are often cheaper because banks are looking to recover their losses, and homeowners are looking to avoid massive hits to their credit and financial distress. It’s more time-consuming and rigorous to buy a foreclosed home than buying a non-foreclosed house.
However, buying a foreclosed home is more difficult than you think. Florida is a state where the median purchase price of a home is $139,658 but the average resale price is $196,125, meaning investors and homeowners are making approximately $57,000 reselling their homes.
You can gain great equity on a quality home, especially after repairs and renovations. One advantageous way of investing in real estate is buying foreclosed homes, especially in Florida. Taxes are low, and many new residents want to rent properties, especially people looking to retire or buy vacation homes. Last Updated on JanuHow to Buy Foreclosed Homes in Floridaįlorida is one of the best states in the country for real estate investing.
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