Sylvia Werling 211 Simonton St. Key West, FL 33040 Phone: 305-797-5652 Mobile: 305-797-5652 Email Sylvia

Foreclosure Listings By Map


If you would like a copy of available Florida Keys real estate FORECLOSURES, just fill out the form on the right along with "Send Florida Keys Real Estate Foreclosures" to get the most recent FORECLOSURES information available. Add more detailed information if you want more specific information such as waterfront only, how many bedrooms, bathrooms, key west foreclosures only, Big Pine Key, etc.

Most banks work with Real Estate agents such as myself called REO agents.  I can represent a bank, sellers, sellers in default or pre-foreclosure stages or buyers looking to purchase a foreclosure or non foreclosure.  Let's discuss the options available. Whether you are new to the market, or a seasoned professional, the foreclosure process can have challenges AND great $ rewards.  I can help put that puzzle together with you.  Great deals can be had in this market whether a first time buyer, investor, or homeowner regardless if it's a foreclosure or not!  

With help from the pros, below are some frequently asked questions & answers regarding Foreclosures, REO bank owned properties, short sales, auctions, and government owned property. 

What is Foreclosure?

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways:

  1. The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law. This grace period is also known as pre-foreclosure.
  2. The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
  3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
  4. The lender takes ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction. Properties repossessed by the lender are also known as bank-owned or REO (Real Estate Owned by the lender).

Pre-Foreclosure (NOD, LIS):

Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property outright. The borrower/owner can walk away with something to show for any equity in the property and avoid a bad mark on his or her credit history. The buyer has time to research the title and condition of the property and can realize discounts of 20-40 percent below market value.

Auction (NTS, NFS):

If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on a property. Buyers often are required to pay in cash at the auction and may not have much time to research the title and condition of the property beforehand; however, a public auction often offers some of the best bargains and avoids the unpredictability of dealing directly with the borrower/owner.

Bank-owned (REO):

If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. The lender will typically clear the title and may perform needed maintenance and repair; however, the potential bargain for these REO homes is typically less than a pre-foreclosure or auction property.  Bank foreclosures can become government foreclosures if the loan is backed by a government agency such as the Department of Housing and Urban Development (HUD) or the Department of Veterans Affairs (VA). In that case the government agency would be responsible for selling the property. There aren't many HUD properties in the Florida Keys.

Before you buy

You'll need to make sure you're armed with the foreclosure data you'll need to find and buy a Key West, FL or Florida Keys foreclosure.

Email or register for a list of properties that you may be interested in by clicking here or filling out the contact info - Sylvia@iLoveTheFloridaKeys.com 

Remember, not all listed properties in the MLS are foreclosures, REO, bank owned, pre-foreclosures, short sales, auction or government owned. Some sellers are just ready to sell and price their property right through an agent like myself.

Sylvia Werling, your e-Pro, REO, professional agent selling Florida Keys Real Estate & Key West, FL real estate.  Whether buying or selling; REO bank owned, pre-foreclosure, short sales, relocating, investment and more, call Sylvia Werling at 305-797-5652 or email any time.  I want to be your Florida Keys Real Estate Agent when purchasing your Florida Keys property.  

Send me an email any time at Sylvia@iLoveTheFloridaKeys.com  to be placed on my "immediate call" list so when a property does comes available that may be of interest to you, I will get in contact with you immediately. 

 

 

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