While Florida’s real estate market attempts to recover from the historic crash, a large number of properties remain in the foreclosure process.

From April to June 2010, about 14,500 foreclosure actions were filed in the Florida courts, but only a percentage of those properties are inhabited by the homeowners.

Others that remain vacant may be promising opportunities for investors or families looking to move.

The foreclosure process can take months to complete and with the current backlog, it may take longer.

In some cases, the lender and homeowner must sit for mediation in hopes of avoiding the foreclosure. And although the goal is to mediate within 120 days, that doesn’t always happen. If the two sides cannot reach an agreement, the process continues until the lender succeeds at repossessing the property. A judgment is then entered and the foreclosure sale is scheduled.

If you have thought about buying another home, now is a good time to consider foreclosures. (Perhaps it’s great timing to buy into that upscale community you love!)

You don’t have to wait to buy from the banks. You can buy your dream home and at a fraction of its actual value.

If you are a property investor, upscale foreclosures are a good way to diversify your real estate portfolio.

Like most investors, you want to buy properties that will increase in value and be worth more than you paid when you’re ready to sell. If you find the right foreclosure at a good price and in a nice community, when the market rebounds you can sell it for significantly more than you paid.

Or you can rent the property as there is a demand for rentals throughout the South Florida area.

Are you looking to relocate? Have you considered buying a foreclosure?

Before you start your search, contact our real estate lawyers for help finding foreclosures in upscale communities.

Image credit: EPI Photography