Profile picture for martinchequita26

I'm looking to buy a foreclosed beachfront condo I wanted to know what was the necessary steps

  • November 02 2013 - Destin
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Answers (8)

Foreclosure properties are listed with Realtors, just like regular sales. I have access to lists of only foreclosures in the Destin area. Most sales are "as-is", so be prepared to see properties that need a little care.

  • November 11 2013
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Profile picture for homedeveloper

There are many real estate agents that specialize in foreclosures. Do a little research to determine who might be a good agent in your area that does a lot of foreclosure business, and they should be able get you started. However, I want to mention foreclosure doesn't always mean a "good deal",  I would recommend looking at all your options for beachfront condos and not limiting your search to foreclosures.

  • November 02 2013
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Profile picture for craigfial
Based on your location being in Destin, is that the area you are focusing on? 
The transaction of purchasing a foreclosure is no different than purchasing a non foreclosure except the foreclosure will likely need repairs, appliances, etc. and if it's in a hot area, the cash investors will be bidding it up.

If you are interested in Palm Beach County, I'm here to help.

All the best!
  • November 02 2013
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Profile picture for RealEstateCrew
Hire a Realtor in the area you are looking and they will walk you through the rest. 
  • November 02 2013
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Actually really easy, foreclosed just means the bank has taken back ownership, normally they have title ready to close and sale can take place along normal time frames of 30-45 days.  Get your pre-approval letter, and get with a Realtor to write contracts.  Do you know who has ownership?  I am licensed in Florida and Georgia, let me know if you need help.
  • November 02 2013
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Profile picture for Wendy Alvis
I would be happy to [deleted by Zillow moderator. Please see our Good Neighbor Policy or posting guidelines]
  • November 02 2013
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Hi,
If you are looking in the Miami area I would be glad to give you advice.  You can see my profile for details.
Foreclosures, which are owned by banks, are on the regular multiple listing service.  However, they are very few and far between now in the beach areas, and if there is one they get many competing offers.
You may be best off just looking for a good deal from a regular seller.  The bank owned properties go for about market value at this point in time.
You need to contact a realtor in the area of interest.

Best of luck,
Beth Jenkins
  • November 02 2013
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Profile picture for CallTheSisters
Is it currently for sale?  If so contact a buyers agent who will assist you with the offer.  Banks do not deal directly with consumers.
  • November 02 2013
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