A pre foreclosure is a property that is only steps away from being repossessed by the mortgage lender.

While the foreclosure process is ongoing, the homeowner is allowed to live in the home and make decisions to sell the property.

In most cases, if the homeowner is willing and able to bring his mortgage current, the lender is eager to stop the proceedings and allow him an opportunity to stay in the home.

However, sometimes the owner cannot afford to keep the property and must sell as quickly as possible.

Here’s why you may want to consider buying pre-foreclosure:

Price

Pricing is a major benefit when it comes to buying pre-foreclosures. Because the homeowner is forced to sell the property to prevent losing it, he or she are more inclined to consider prices that are substantially lower than the property’s actual value.

It is not unusual to find a pre-foreclosure property at half (or less than half) of its value.

Timing

Florida’s real estate market is saturated with a huge supply of pending foreclosures.

If you are able to get a loan, now may be a great time to buy prime, upscale real estate as homeowners continue to drop prices.

Negotiate with Property Owner

You can negotiate directly with the property owner when you’re buying a pre-foreclosure. This gives you an advantage.

You have leverage to negotiate a good deal and the homeowner has an incentive to sell the property fast to prevent losing it to the mortgage company.

Find Pre Foreclosures

You can start your search for pre-foreclosures in the same places you would look for other properties.

Search the Internet. Browse the local newspapers. Visit the foreclosure courts in and around your county.

If you need help locating pre-foreclosures, call 954-779-7009 or email our  real estate lawyers today.