I was really surprised the other day when speaking with someone and they told me they had heard that there were over 2,000 foreclosures in the area. I immediately went to run some numbers thinking maybe I had missed something. Thankfully, this was one of those situations where this was information that was far from correct. So I wanted to take some time and provide the correct information in terms of explaining the foreclosure process a bit, current statistics, and where you can go to keep up-to-date on this information.
The first stage of the foreclosure process is notification of default and that legal action being taken is filed with the County Clerk. This is commonly called a "Lis Pendens" (latin for 'suit pending') and serves as notice that there is a lawsuit pending regarding the title or ownership of the property. The issue that arises lately is that "Lis Pendens" with companies that sell access to foreclosure lists. By this I mean not all "Lis Pendens" are actual foreclosures. This may be a situation where a contractor is not paid for a few thousand dollars of work. These advertisers list these properties as seeming to be foreclosures for very low amounts of money which entices people to pay for access to their search websites. So be careful here.
Back on track. If the loan is not brought current in the time alotted, a notice of sale is served and the Clerk sets an auction date. If the property does not sell at the auction, the banks sell the property on their own and most often with a Real Estate Brokerage.
So how does one find out which properties are being "auctioned" through the County? If the Clerk has a website, that is the easiest place to go. Here in Flagler County, you can visit http://www.flaglerclerk.com/dates.aspx to get information on sale dates and the properties schedules. The latest report from 1/30/2009 to 3/13/2009 is available by clicking here and lists 288 properties.
If the properties do not sell at the auction and become listed with a local Real Estate brokerage, they can usually be found through local MLS systems with a Realtor. In the Flagler County Association of Realtors MLS they are classified as "Lender Owned". You can easily view these properties on www.PalmCoastHomeShow.com by clicking the "Lender Owned Tour Bus" button.
These properties are often priced very aggressively, but make sure you visit the property because they can be in need of repair. You will want to evaluate the costs of repairs that may be needed. This is a sale where a home inspection to give you a clear picture of all of the repairs that may be necessary. Realize to that these properties can move very quickly. It hasn't been uncommon for many to go to contract in less than a week.
Visit www.PalmCoastHomeShow.com for the most powerful and comprehensive property search in the area!
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