The economic crisis has taken its toll all around the world. In the Florida real estate market, an increasing number of homeowners have unfortunately defaulted on their mortgage payments and their properties have been forced into foreclosure. While this situation is regrettable, the recent surge in undervalued Dr. Phillips foreclosure property has piqued the interest of many buyers and investors.
Regardless of why a homeowner falls behind with their mortgage payments, it is very unfortunate. When a loan is defaulted on and a lender is forced to move forward with foreclosure, this is always done reluctantly. A lender is ill prepared to keep real estate on their books and always try to avoid foreclosing on any home. It is simply not part of their core business to maintain real estate. No matter how attractive a Dr. Phillips Real Estate might be – for a lender it is necessary to move this property off their books as soon as possible. The auctioning off of foreclosure homes at significantly reduced prices is the result of this situation.
A homeowner who is at risk of foreclosure can try to avoid this happening by attempting a short sale. A short sale is a situation where the homeowner, with the approval of the lender, sells the property for a price less than market value. When a short sale is not possible, a home becomes a Dr. Phillips foreclosure property and it is likely to be auctioned off by the lender.
Navigating the Dr. Phillips foreclosure property market can be difficult without a professional partner. Contact Wendy Morris Realty to learn more about what a Dr. Phillips Realtor®. can do for you.