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Joe Contarino and the team at Marco Beach Front Realty have years of experience dealing with foreclosed homes. As of 2014, Florida remains one of the top states for foreclosures with one out of every 462 units sold being a foreclosed property. Many homeowners find foreclosed homes attractive, particularly if they’re looking for a small property or having trouble with a traditional home purchase. Buying a foreclosed home has its advantages, but too many people buy these properties without knowing what they’re getting into. Joe Contarino and the Marco Beach Front team would like to offer some vital information today.

What is Foreclosure?

Foreclosure is defined as the process of taking back a mortgaged property, often by a bank, because the mortgage holder failed to keep up payments. In other words, buying a foreclosed home means you’re buying property the original owners may still be attached to. The majority of homeowners understand foreclosed property is no longer within their means. However, they may feel embarrassed, ashamed, or angry about the way they gave up their home. When purchasing a foreclosed home, remember the human on the other side of the sticker price. Be honest with your realtor and the sellers about what you can afford and what you expect from the home.

A Big Investment

A foreclosed home can be a bigger investment than most. The price may be low, but the commitment may entail more than a traditionally purchased home. Some foreclosed homes need several repairs, some of which might be big and expensive. The home may also have significant cosmetic issues that may impact the health and longevity of the building and its residents. When you buy a foreclosed home, you’ll likely be taking over issues the previous owners couldn’t afford to fix. If you find this daunting, a foreclosed home may not be for you.

A Team Effort

Buying a home is not a “do it yourself” project, and that’s truer than usual for foreclosed properties. Foreclosure laws vary from state to state, and laws and paperwork can be confusing. Even if you’re a foreclosure law expert, never try to buy a foreclosed property without an agent. An agent can help you sort through foreclosure listings and find the right property for you. He or she can also give you expert opinions on the home’s longevity and future market value.

SEARCH ALL SOUTHWEST FLORIDA FORECLOSURES