New Southern Properties
Lake Mary, FL Real Estate
Lake Mary Homes For Sale

Orlando Foreclosures | Lake Mary Florida Foreclosures | Central Florida Foreclosures | Foreclosures in Orlando, Lake Mary and Central Florida

Fri, Jan 28, 2011 at 10:05AM




The latest numbers show that foreclosures continue to increase in most U. S. metro areas – including those previously unaffected such as Houston and Chicago.  Houston’s metro area jumped 26 percent over 2009. Chicago posted a 20 percent rise. 

 The driving force is no longer high prices and adjusting mortgages, but rather plain old economics – a down economy and the unemployment that goes with it.

Still 19 of the top 20 remain in just four states – California, Nevada, Arizona and our own Florida. Realty Trac – an organization which tracks and tabulates foreclosure activity - predicts another year of abnormally high foreclosures and repossessions and possibly more than that of 2010.


A few tips when trying to buy a foreclosure  

1. Know the Difference.  Short sales and bank-owned are both “foreclosure” properties.  With a short sale, the seller is still the original borrower and is trying to sell the property for less than is owed. They are in the process of being foreclosed on.  With a bank-owned property, also known as REO (for Real Estate Owned) – the lender actually owns the property and is the seller – the foreclosure process has been completed. 

Short sales can take much longer to complete and are not guaranteed to ever close, or close at the contracted price.  Most lenders will prioritize efforts to selling properties they already own. 

2. Be ready and get pre-approved NOW.  If you are going to finance, you will be required to show that you have your financing lined-up.  If you are paying cash, you will have to provide “proof of funds” in the form of a statement showing you have the cash to close.  If you wait until you find the property you want and then for a lender-approval, you may end up losing out.  Without either of these you offer will not be considered no matter what the other terms are. 

3. Use an experienced broker who has been through the process before. There are many factors to consider when making a short sale or lender-owned offer.  Some lenders try to get a bidding-war going.  Many short sale listing prices are artificially low to get the short sale process started. Your agent should be one who has been through the process and able to recognize and advise you on the pitfalls. 

We've closed foreclosures - short sales and bank-owned - and we'd be happy to help you!


Click Here to search for Florida Foreclosures










Bookmark & Share

User Comments

Be the first to comment on this post below!

All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. The source of the listing data is as follows: Stellar MLS (updated 4/17/24 8:29 AM) |
Real Estate
Real Estate
  • New Listing Alerts
  • Foreclosure and hot deals
  • Market value of your home
  • Excellent rates on mortgages

Florida Luxury Gated Communities

Alaqua Country Club
Alaqua Lakes Golf | Alaqua Lakes Golf Course | Alaqua Lakes Florida | Alaqua Lakes Country Club
The Preserve at Astor Farms
Baker's Crossing
Banyon Pointe
Barclay Place At Heathrow
Berington Club
Brentwood Club
Brookhaven Manor and Brookhaven Ridge
Buckingham Estates
Burlington Oaks
Calabria Cove
Capri Cove
Coventry At Heathrow Florida
Debarry Golf and Country
Dunwoody Commons
Egret's Landing
Estates at Wekiva Park
Grande Oaks at Heathrow
Fountain Parke
Heathrow Woods
Heron Ridge
Kentford Garden
Lake Forest
Lake Markham Preserve
Magnolia Plantation
Markham Estates
Markham Forest
Markham Woods Enclave
Oregon Trace
Reserve At Heathrow
Retreat at Wekiva
River Crest
Riviera Bella
Savannah Park at Heathrow
Summer Oaks
Terracina At Lake Forest
Terra Oaks
The Cove
The Retreat At Twin Lakes
Tuscany At Lake Mary
Waters Edge
Wilson Park
Wingfield North
Woodbridge Lakes

Florida Communities

Arbor Ridge
Arlington Park
Antigua Bay
Bear Lake Woods
Breckenridge Heights
Celery Estates
Celery Lakes
Celery Key
Chase Groves
Chelsea Place
Country Club Oaks
Country Downs
The Crossings
Crystal Lake Estates
Danbury Mill
Eagle Creek
The Forest
Hidden Cove
The Hills of Lake Mary
Groveview Village
Huntington Ridge, Huntington Landing, Huntington Pointe
Isle of Windsor
Lakewood Ranches
Live Oak Reserve
Markham Glen
Markham Meadows
Markham Place
Mayfair Club
Mayfair Meadows
Mayfair Oaks
Middleton Oaks
Misty Oaks
North Cove
Oak Island
Oceanside Village
The Pelican
Osprey Pointe
Preserve At Lake Monroe
Parkview and Parkview Heights
The Reserve At DeBary
Reserve At Golden Isle
The Reserve At Lake Mary
Ridge Pointe Cove
Shannon Downs
Sun Oaks
Sweetwater Oaks
Sylvan Lake Reserve
Tall Trees
The Estates At Springs Landing
Timacuan Park - Lake Mary Florida
Wingfield Reserve

Florida Retirement Communities

Heathrow Retirement Communities

Buyers (5)
Foreclosures (1)
Homes In Heathrow FL (4)
Investment Properties (6)
Orlando Housing Market (5)
Orlando Regional Housing Market Updates (1)
Sellers (2)


<< April 2024 >>
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30        

Tell A Friend
New Southern Properties Inc.
4300 West Lake Mary Blvd
Bldg 1010, #415
Lake Mary, FL 32746
Phone: 321-262-6162