Florida Foreclosure Listings Key Terms

Learn about Florida bank foreclosures and other foreclosure listing terms
By Sandy Baker Florida foreclosure listings are properties being sold, because the original property owner failed to keep up with lender payments or taxes. Florida bank foreclosures are some of the most commonly talked about properties because lenders need to sell them quickly. It is essential for investors to understand Florida foreclosure laws prior to investing in any of the listings found. Listing services often have a number of different types of foreclosure properties being sold. These terms can be confusing, but can be learned.

Florida bank foreclosure

Florida bank foreclosures are properties in which the lender has reclaimed the property due to the property owner defaulting on the mortgage. Bank foreclosures need to be sold quickly so the bank can recoup the value of the property. They often sell for less than market value.
Try:  ForeclosureDataBank offers a closer look at bank foreclosures and offers Florida bank foreclosure listings.

Florida HUD Homes

Florida HUD homes are homes being sold by the U.S. Department of Housing and Urban Development. These properties may only be sold by approved HUD-registered professionals. HUD homes may be purchased by anyone.
Try:  In Florida, HUD homes are sold by National Home Management Solutions. Their website provides in-depth information about HUD properties in the areas they manage.

Florida VA properties

Florida VA properties are acquired when a homeowner defaults on a VA financed loan or a VA guaranteed loan. The VA, or U.S. Department of Veterans Affairs, does not want to own this property and therefore sells it to the public. These foreclosure properties are sold through approved agents.
Try:  The United States Department of Veterans Affairs provides more information regarding Florida VA properties, including providing a website where VA properties in Florida are listed for sale.

Florida foreclosure laws

It is essential for individuals to understand Florida foreclosure laws when looking at foreclosure listings. For example, under Florida state law, the lender is often not required to notify the homeowner prior to starting the foreclosure process. In addition, homeowners have the ability to stop the foreclosure process at any point by paying all outstanding debts.
Try:  Foreclosure Listings details more Florida foreclosure laws.

Florida foreclosure data

Florida foreclosure data is an important part of bidding on and purchasing these properties. It is essential to know the circumstances surrounding foreclosures within the state.
Try:  RealtyTrac provides a look at Florida foreclosure data. The company outlines the origins of this data at the bottom of the page, giving you a better explanation of what this data means.

Florida pre-foreclosure

Florida pre-foreclosure properties will likely be foreclosed on by the lender. The borrower is trying to sell these properties quickly, to keep the house out of foreclosure.
Try:  The Closing Company details the Florida pre-foreclosure process.