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Dade and Broward County Foreclosed Homes

During the past five years, the South Florida real estate market has
been a hotspot of activity, growth, and investment. With all the
excitement, action, and fantastic weather, it’s no wonder people from
all over the world look to South Florida real estate for primary and
secondary residences, vacation homes, investment properties, and so much
more. Within the South Florida real estate market, cities and
neighborhoods from Miami to Palm Beach have been improving, growing, and
evolving to become some of the best real estate in the country, with top
lines of amenities, a wide range of architectural styles, and
unparalleled levels of community integration and planning.
At the beginning of 2006, however, the national real estate market began
to turn due to rising interest rates and a drastic slowdown in home
value appreciation. Former hot market areas like Miami and Ft.
Lauderdale were especially hard hit by this turn, and as a result the
South Florida real estate market is in a heavy period of transition.
Overdevelopment and an influx of too many quick-flip real estate
investors have left the major markets of South Florida with too much
inventory, and South Florida real estate sellers now have to compete to
find buyers in a way that most have never seen before in this area.
Browse this site to find free Miami area foreclosure listings.
Despite some doom and gloom reports, however, there is still a real
estate market in South Florida that’s worth getting into! While sellers
may be having problems finding buyers as quickly as they have in the
past, resale properties are still selling at appreciated prices
depending upon how long ago you purchased and the particular
neighborhood you call home will determine the amount of a return you
will still receive. All it takes is a little patience on your part and a
bit of creativity from your Realtor®, and you’ll still be able to sell
your property efficiently and successfully, even in this unsteady
market!
On the flipside, South Florida real estate buyers are having the best
time they’ve had in years especially those who are purchasing primary
residences and even some vacation home buyers. Interest rates are good,
the selection is phenomenal, and all that property inventory means
sellers are now competing for you to be their buyer instead of the other
way around. With so many options, you’re bound to find the perfect dream
home in some of the best areas of Miami, Ft. Lauderdale, and Palm Beach.
If you’re a buyer who’s looking to call South Florida home, then the
time is right to buy on primary residences and any vacation investment
properties!
Now, we’d like to invite you to use this website as a tool to navigate
the various areas and enclaves located in South Florida. We’ve broken
Miami real estate down by both physical areas, such as Aventura,
Brickell and Miami Beach, as well as by common interests such as
high-luxury, boating, fashion, and family. We hope this site will serve
to make your investigation of the Miami real estate market both fast and
easy. We also invite you to contact us, should you have any further
questions regarding the Miami real estate market or any specific
properties you’re interested in pursuing.
Miami Home Foreclosure
Foreclosure
is the legal proceeding in which a bank or other secured creditor sells
or repossesses a parcel of real property (immovable property) due to the
owner's failure to comply with an agreement between the lender and
borrower called a "mortgage" or "deed of trust". Commonly, the violation
of the mortgage is a default in payment of a promissory note, secured by
a lien on the property. When the process is complete, it is typically
said that "the lender has foreclosed its mortgage or lien."uot;
In the United States, there are two sorts of foreclosure in most common
law states. Using a "deed in lieu of foreclosure," the bank claims the
title and possession of the property back in full satisfaction of a
debt, usually on contract. In the proceeding simply known as foreclosure
(or, perhaps, distinguished as "judicial foreclosure"), the property is
exposed to auction by the county sheriff or some other officer of the
court. Many states require this latter sort of proceeding in some or all
cases of foreclosure, in order to protect any equity the debtor may have
in the property, in case the value of the debt being foreclosed on is
substantially less than the market value of the immovable property (this
also discourages strategic foreclosure). In this foreclosure, the
sheriff then issues a deed to the winning bidder at auction. Banks and
other institutional lenders typically bid in the amount of the owed debt
at the sale, and if no other buyers step forward the lender receives
title to the immovable property in return.
Other states have adopted non-judicial foreclosure procedures, in which
the mortgagee, or more commonly the mortgagee's attorney or designated
agent, gives the debtor a notice of default and the mortgagee's intent
to sell the immovable property in a form prescribed by state statute.
This type of foreclosure is commonly referred to as "statutory" or
"non-judicial" foreclosure, as opposed to "judicial". With this
"power-of-sale" type of foreclosure, if the debtor fails to cure the
default, or use other lawful means (such as filing for bankruptcy which
provides a temporary automatic stay to the foreclosure proceeding) to
stop the sale, the mortgagee or its representative will conduct a public
auction in a similar manner as the sheriff's auction described above.
The highest bidder at the auction becomes the owner of the immovable
property free and clear of any interest of the former owner but the
property may be encumbered by any liens superior to the mortgage being
foreclosed (e.g. a senior mortgage, unpaid property taxes etc). Further
legal action, such as an eviction may be necessary to obtain possession
of the premises.
"Strict foreclosure" is an equitable right available in some states. The
strict foreclosure period arises after the foreclosure sale has taken
place and is available to the foreclosure sale purchaser. The
foreclosure sale purchaser must petition a court for a decree that will
cut off any junior lienholder's rights to redeem the senior debt. If the
junior lienholder fails to do so within the judicially established time
frame, his lien is cancelled and the purchaser's title is cleared. This
effect is the same as the strict foreclosure that occurred at common law
in England's courts of equity as a response to the development of the
equity of redemption.
In most jurisdictions it is customary for the foreclosing lender to
obtain a title search of the immovable property and to notify all other
persons who may have liens on the property, whether by judgment, by
contract, or by statute or other law, so that they may appear and assert
their interest in the foreclosure litigation. In all US jurisdictions a
lender who conducts a foreclosure sale of immovable property which is
the subject of a federal tax lien must give 25 days' notice of the sale
to the Internal Revenue Service: failure to give notice to the IRS will
result in the lien remaining attached to the immovable property after
the sale. Therefore, it is imperative that the lender obtain a search of
the local Federal Tax Liens so that if the persons or companies involved
in the forelcosure have a federal tax lien filed against them, the
proper notice to the IRS will be given. A detailed explanation by the
IRS of the Federal Tax Lien process can be found here.
Some individuals and companies are engaged in the business of purchasing
properties at foreclosure sales. A number of companies promoting
themselves on the internet and in other advertising media have sprung up
touting the profits that can be made buying properties in foreclosure.
Purchasing properties in foreclosure can be more risky than some
companies imply.
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