If you are looking for foreclosures in St. Pete Beach, FL you’ve entered the picture at the right time. Typically the best investment or first home opportunities arise out of the misfortune of others. But having an understanding of foreclosure terms will help you work with your Realtor to choose the St Pete Beach foreclosure property that best suits your needs.
- Pre-Foreclosure – the foreclosure process begins when a borrower defaults on loan payments and the lender files a public default notice, called a Notice of Default or Lis Pendens. Buying a property in pre-foreclosure involves approaching the owner and offering to buy the property outright.
- Auction – if the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the property at a public auction. Buyers often are required to pay in cash at the auction and may not have much time to research the title and condition of the property beforehand; however, a public auction often offers some of the best bargains and avoids the unpredictability of dealing directly with the owner.
- Bank-owned – if the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction; the lender will usually want to re-sell.