Buying A Foreclosure Home In Ponte Vedra Beach, Florida

Posted by Carey Frankel on Wednesday, July 30th, 2008 at 12:13pm.

buying_a_foreclosure_home_in_ponte_vedra_beach_florida_883Many home buyers in the market are specifically interested in purchasing one of the foreclosure homes for sale in Ponte Vedra Beach, Florida. Buying a foreclosure home has its own set of rules and circumstances which are important to know before putting a bid in. When a home is in foreclosure and a buyer wants to pursue the property, it is a much different process than buying any other Ponte Vedra Beach real estate.

The Basics

A foreclosure home is a home that is owned by the bank. The positive aspect is that a foreclosure home is typically sold below its market value and can therefore be a good investment. It is important to pay a good price for the home while also minimizing any risk to yourself and your financial situation. It is a good idea to find out how long the previous owners lived in the home, because that can give you an idea of how much equity is already built in. If the owners lived in the home for two years or less, the bank will probably be trying to get close to the full amount of the loan value and you may not get as good of a deal as if the owner lived in the home for longer. Definitely stay away from foreclosed homes where the home was purchased with “no money down” or “100% financing”.

The Safest Way To Buy A Foreclosure

The safest way to buy a home in foreclosure is to buy it directly from the bank or lender instead of buying it from the seller in pre-foreclosure. This way you know for sure that the home is not under lien and it isn’t being rented out with tenants to evict before you can move in. There is much less risk if the foreclosure home is purchased directly from the lender.

If you take your time, research the properties you are interested in, and gain insight to the unique process involved in buying a home in foreclosure, you could end up with a great home sold to you around thirty to forty percent under market value.

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