Florida Foreclosure – What You Need To Know
Foreclosure rates around the country are escalating at an astonishing rate. Florida foreclosure rates are no exception with rates climbing to unprecedented levels. In this article I will be explaining what the current foreclosure rates are in Florida; Florida foreclosure laws and the latest figures which can help you make the most of the opportunities for real estate investment in the state of Florida.
In October 2008 Florida was the third highest ranking state for foreclosures, posting 54,324 foreclosure filings. In fact one in every 157 homes in Florida received a foreclosure notice such as a default notice, an auction sale notice or bank repossession. This is an 80% jump from 12 months ago. These are staggering figures and it will be interesting to see if they will continue to climb or whether the proposal by President Barack Obama to put a 90-day freeze on foreclosures will slow down the trend.
Florida foreclosure proceedings only consist of one type – judicial foreclosures which mean they have to be dealt with through the court system. The lender obtains a court order against the borrower, and notifies them either in person or by mail. The court gives a notice of sale detailing the date, location and time of the sale. These notices are usually published twice in newespapers, at weekly intervals up to 5 days before the date of the sale.
The borrower does have a “right of redemption” meaning he or she can prevent foreclosure on their property if they pay off the amount due on the loan plus any interest and related expenses up to the time of the foreclosure sale.
A Florida foreclosure sale usually starts at 11 am at the county courthouse. The property goes to the highest bidder, who has to pay a 5% deposit with the remainder due by the end of the day. A certificate of sale is issued and title is transferred to the successful bidder if the sale is confirmed after a 10 day waiting period to make sure the sale followed proper procedure and no one disputes it.
The timeline for a Florida foreclosure is typically 6 months.
Average sale prices on Florida foreclosure properties are approx $167,000 (October 2008), which is a savings to you of around 32%. If that’s not enough to whet your appetite, there’s the anticipated Government assistance to help relieve the property insurance burden as well as talk of ending property tax in Florida. With that said, there’s probably not a better time to buy a home or investment property in Florida.
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