Facts About Florida Foreclosure Homes

The year 2007 started with more foreclosure in Florida. In the first quarter of 2007, there are 95,862 Florida foreclosure homes and this means it is ranked second in the country as far as foreclosures are concerned. This is a concerning issue as the number of Florida foreclosures are on the rising since last year and there is no respite for homeowners who are unable to stop the foreclosures from taking place.

Being a large state, Florida bank foreclosures have been reported from many counties like Cape Coral, Fort Lauderdale, Hollywood, and Homestead. Although the foreclosures in some of the counties are low but due to the high rate of foreclosures in some of the bigger counties, Florida now stands among the highest in the list of foreclosures. Today, as a result of the availability of a high number of Florida home foreclosures, it is being considered as is a prime market for foreclosure investing. As a buyer or an investor, you will find plenty of options in Florida foreclosures. This will include the different types of homes like HUD, distressed property, handyman specials, REO’s, VA homes, homes for single family etc. The Florida bank foreclosed homes come with a low price tag and hence people having different budgets can buy them.

According to the Florida real estate law, most of the Florida foreclosures take place in the courts and the lender has to make a Lis Pendens in the court of law for serving a notice to the borrower. The Florida foreclosure homes are sold through an auction and the date of auction is decided by the court, 20 days after the foreclosure ruling. The rules and laws for auction of Florida bank foreclosures are the same for every county including Jacksonville, Kissimmee, Lakeland, Miami, Milton, and Mulberry. The proceedings of the Florida foreclosures are overseen by the County clerk and the highest bidder gets the home. You can find some of the best homes in Florida by getting an updated copy of Florida foreclosure listings from the web. These listings provide relevant details of every Florida foreclosure homes and this will help you in making an informed choice towards investing in Florida foreclosures.