With an increased number of foreclosed properties on the market, buying now may be a sound investment. But purchasing a foreclosed property can be tricky. That's why it's so important to have an experienced real estate professional on your side to help you understand this complex process.

The foreclosure process begins when the mortgage holder misses a payment and the lender files a notice of default. If payment is not made in the alotted amount of time (usually between 60 to 90 days) a date is set for public auction to sell the property.

If the property doesn't sell at auction, the lender takes ownership and places the property on the market. These are referred to as REO properties, which stands for "real-estate-owned."

Because the lender wants to recover the amount of the loan, these recovered properties are often sold at 10 to 20 percent lower than market value. REO properties can be excellent bargains. And there is less risk involved than there may be with buying a home through a short sale or auction.

Of course, you want to have the property thoroughly inspected before making an offer, just as you would with any other property.

If you would like to learn more about investing in foreclosed properties, or have real estate questions of any kind, call me. Let me put my knowledge to work for you!

When it comes to choosing professionals to assist you with your real estate needs...Experience is Priceless!  Andre'Shambley & Miami's Best REALTOR® Team, 305-396-9106. MiamiBestTeam@AOL.com. www.OnePlaceOpenHouse.com

Ready to refinance or looking for a better rate?  For your complimentary rate quote visit Jacinta Shambley, APEX Lending, Inc. JShambley@ApexLending.com.  www.JShambley.ApexLending.com