Have you considered a Short Sale? This is a process where you put your house on the market and sell for a price below what you owe the bank. It still harms your credit but you have a little more control over the situation. Whichever you decide I highly recommend that you speak with an attorney that specializes in Foreclosure. You may also want to speak to a Bankruptcy attorney as well.
There may be more options available to you than the bank foreclosing on your property. Look into a short sale and depending on your financial problems also find out about bankruptcy. A bankruptcy attorney who helped another of my customers is Samantha Danner (?) on Kennedy Blvd in Tampa.
As in any home you want to have in inspection to look for any unseen issues. A Bank owned property (aka REO-Real Estate Owned) can close the same as a regular sale, since the bank already owns the property. The condition may not be as good as a regular sale. You need to weigh this against the potential savings and see if it is really a good value. Bank owned properties are sold "as is" and rarely will they ever do any repairs.
Foreclosure is the process when a bank is trying to take back a home due to non payment. If a property says in foreclosure, pre-foreclosure or short sale they are all the same. The owner still owns the property and the only possible way to sell (if the owner qualifies) is through a "short sale" "Short Sales" have no guarantees they will close. If you have time constraints-whether its 2 months, 6 months or even a year..if you definitely have to be in the home by a certain time, I would suggest not putting "Short Sales" in the mix. "Short Sales" are anything but short.
It is important to get pre-approved first if you are financing. Inventory is tight and if you think it is a good deal, chances are others will too...and since offers are not accepted without an accompanying pre-approval, the ready Buyer has the best chance.
Interview some full time professional Realtors and find one you are comfortable with. They will sit down with you, listen to your particular needs, customize a matching search to make sure you are on top of properties as they hit the market, and take you through the whole process from search to contract to close.
I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
Darla Schroeder, Realtor, GRI, ABR, FMS, CIPS, e-PRO
Century 21 Real Estate Champions
Tara May Webster Realtor
Your Neighborhood Realty
WHO? Who knows better than an experienced Mortgage Broker?
When you really think about it, who actually knows more overall about buying real estate than a Mortgage Broker?
Come on, Mortgage Brokers know more than anyone else about buying real estate, especially if a mortgage loan is needed.
Its like Michael Jordan, in his prime, walking out on a basketball court, who actually thinks they can stick with him?
Put me on conference call with any realtor about purchasing FL real estate and decide for yourself as to who knows what.
See programs below, then contact me to talk about how to minimize payments and reduce out of pocket costs.
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Go to: http://WWW.PRO-OPTION-COM or call 888-662-4404
Pro Option Mortgage/ Florida
Prior Service U.S. Marine Corps
Searching for properties on your own can be a headache. This is mainly true due to most consumer based websites not having current and correct info.
Agents will have access to MLs as well as Tax Records with a click of their computer mouse.
Much Success to You!
Kawain Payne, Realtor
For a pre-foreclosure, you can approach the owner of the property and offer to pay off their debts in exchange for the property. However, the debts are usually in excess of the current market value of the property.