Foreclosurer Information

I have had a number of buyers tell me they are interested in foreclosed properties. You have to be very careful when your looking to purchase foreclosures as the following article explains.



To date there hasn't been too many foreclosures in the Upper Keys but I have heard of a few. Educate yourself before you try to find a deal or you could get burned.



tal Association of REALTORS® 2007 Outstanding Design Winner

Be careful when considering purchasing foreclosed properties, official saysSHALIMAR, Fla. – Sept. 11, 2007 – Foreclosures are at a record high across the county, and you’re looking to snag a deal.The first step? Proceed slowly and carefully, says Okaloosa County Clerk of Courts Don Howard.“Anytime you’re buying foreclosed property ... there is some risk involved,” Howard said. “It takes some effort and legwork.”Only basic facts such as the judgment amount and the names of the defendant and plaintiff are listed in a foreclosure filing. Third parties looking to invest must research the properties on their own.“What the general public needs to understand is they’re buying this property as is,” Howard said. “They need to do their homework.”That means visiting the courthouse, looking through records, checking with the tax collector’s office and possibly driving by the property to check it out.“The buyer also needs to make sure the mortgage being foreclosed upon is the first mortgage,” Howard said. “It’s truly a buyer beware type of market.”Although he has no official numbers, Howard suspects more people may be tempted to see what the foreclosure basket has to offer.“The availability of foreclosures is much more simply because the filings are up,” he said. “Considering the falling prices, it might not be a bad time to look.”But some real estate agents say it makes more sense to concentrate on the current market, which has started to correct itself.“I’d much rather be buying today than two or three years ago,” said Jim Gilliland, a veteran Realtor on the Emerald Coast. “Prices are much lower.”In a foreclosure situation, there are many unknowns, such as title issues and repairs, he added.“As a buyer, I don’t think it would be wise to look only at a small percentage of houses on the market,” Gilliland said. “I would prudently look at all the homes.”After a foreclosure is filed at the county courthouse, it is advertised in the local newspaper and a public auction is scheduled.“We, as the administrative arm of the courthouse, hold the sale on the courthouse steps,” Howard said. “The defending party can resolve the foreclosure at any time before the sale.” By law, auctions are held on the courthouse steps – in Crestview and at the annex in Shalimar – at 11 a.m. any weekday. A successful bidder must post a deposit of 5 percent of the sale price.The remaining balance must be paid at the clerk’s office with certifiable funds by 4 p.m. that same day

.Copyright © 2007 Northwest Florida Daily News, Fort Walton Beach, Kari C. Barlow.
Distributed by McClatchy-Tribune Information Services.

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