Florida is ranked third in the country, trailing Nevada and California in rankings for the largest number of foreclosures. Economic indicators show that the trend is likely to continue to escalate for the next year and perhaps longer. This website provides a complete compendium of foreclosed and short sale properties in Daytona Beach area, including Ormond Beach, Palm Coast, New Smyrna, Edgewater, Deland, Deltona, Orange City, and various areas in the Orlando and Central Florida.

Why do we have so many foreclosures?

One of the primary reasons relates to loans made to borrowers that were not qualified to make the purchase. This led to the collapse of the sub-prime and ALT A mortgage markets in 2006-7. The problem has intensified with the adjustment of variable rates or interest only loans. Those reasons compounded with the economy sliding into a recession, has led to record number of foreclosures.

Properties held by the private sector- REO's

Foreclosures can be for properties held in the private sector primarily by banks. These properties are referred to as REO (real estate owned). For your convenience we have the REO's from various banks  summarized in our list of foreclosed properties.

Foreclosure Properties

Properties held by the government sector

The properties owned by the government sector are composed of various Departments, including:
 

HUD Homes
The Department of Housing and Urban Development (HUD) sells homes acquired as a result of a foreclosure on a FHA-insured mortgage. HUD Homes, because they're sold in "as-is" condition, can often be a great, affordable opportunity for the fixer-upper. Learn how to buy and finance a HUD home below.

VA Foreclosed Properties
The Department of Veterans Affairs (VA) acquires over 20,000 homes a year nationwide due to defaults on VA guaranteed loans.

FDIC Foreclosed Properties
The Federal Deposit Insurance Corporation (FDIC) sells a wide variety of real estate, including properties in the affordable housing program.

Freddie Mac Foreclosed Properties
Freddie Mac buys mortgages from approved lenders and is one of the biggest buyers of home mortgages in the United States. Freddie Mac owns properties through foreclosures and sells them to consumers through approved brokers.

Fannie Mae Foreclosed Homes
Fannie Mae is a shareholder-owned company with a federal charter. It operates in America's secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. Fannie Mae has both single family and multifamily properties for sale.

GSA Foreclosed Properties
The U.S. General Services Administration (GSA) sells real property seized, confiscated, foreclosed, or no longer needed by the Federal Government.

USDA- United States Department of Agriculture Foreclosures
IRS-Criminal Investigation, Immigration and Customs Enforcement, U.S. Secret Service, and the Bureau of Alcohol, Tobacco, Firearms and Explosives sell real property with the proceeds used for continued law enforcement efforts and provide restitution to crime victims. EG&G Technical Services conducts approximately 100 auctions a year in the United States and Puerto Rico. Auctions are normally held on-site at the property location.

Other Government sources of Real Property

• Internal Revenue Service (IRS).
• SBA- Small Business Administration (SBA).
• US Army Corps of Engineers
• Cal-Vet Repossessed Homes

How do I find the foreclosed properties?

Foreclosure Properties 

You may be surprised that foreclosures can originate from so many sources. We make it easy! Our website provides a compendium of foreclosures from both the government and private sectors. We will guide you through the entire process, including contract writing,inspections, and closing. It may seem a bit overwhelming, but we are here to answer your questions and provide professional guidance.

How do I buy a foreclosed property?

It varies, depending on the whether it is owned by a government agency or the private sector. If it is an REO, it is purchased like a private sale. Banks often have a that provides terms favorable to the bank. Care must taken especially with closing dates. It is common for the addendum to provide for a penalty of $100 per day if the contract does not close on the date stated in the contract. Banks also commonly have an "bank addendum""REO Fee" of approximately $500.

One of the most common government owned property is with the HUD. Lets start with that one.

What is a HUD Home?
A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

Who can buy a HUD Home?
Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors. REO's on the other hand may be purchased by anyone, but generally the highest bidder.

How are HUD Homes sold?
All properties available for purchase by the public are offered for sale at Internet listing sites maintained by management companies under contract to HUD. Offers must be made by a real estate broker registered with HUD. Realty Xperts, LLC is a HUD approved real estate agency that can represent you in the purchase. HUD pays the real estate broker's commission, if included in the contract.

Are there any special programs?
Properties in designated areas are available at a reduced sales price to law enforcement officers, teachers, fire fighters, emergency medical technicians, non-profits and local governments. Ask your realtor about these Good Neighbor Initiatives.

Should I get a home inspection?
We encourage you to get an inspection after your offer is accepted. All HUD Homes are sold AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems. Because of HUD's as-is policy, HUD Homes can often be a great opportunity for the fixer-upper. Not every HUD Home needs fixing up, but when one does, it can be a real bargain. For example, HUD's asking price on the home will reflect the fact that the buyer will have to invest money to make improvements. Also, keep in mind that on most sales the buyer can request HUD to pay all or a portion of certain financing and closing costs.

What about financing?
Although HUD does not offer financing directly, some of the foreclosed homes qualify for FHA-insured loans. You may choose your own lender- it does not have to be financed by the FHA.

Simplifying the Process

Foreclosure Properties 

The process of buying a home may seem complicated  especially if you are a first time home buyer. You might think it will be even more complicated when you get involved with a government agency. However, the basic home purchase process is the same for a government purchase. Let's summarize the basics:

1. Determine how much you can afford.
What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. It starts with a pre-qualification letter from a reliable lender. Often this can identify any major problems that you will not be aware of and have time to fix prior to closing- so do this as soon as possible.

2. Determine the location
You may already have a general idea of where you'd like to live based on where you're living now, where you grew up, where you have friends or family or where you work. Our agents will be happy to provide information on the area. Also, the website has write ups on several popular communities.

3. Make your Wish list - what features do you want? Lets find the perfect property.
  
4. Making the offer- Determine the fair price
Discuss the process with your real estate agent. If the seller does not accept your offer and makes a counter offer (rejects all or part of your offer), you may need to bargain until you both agree to the terms of the sale.

5. Make sure the property is is good condition
A home inspection is an evaluation of a home's condition by a trained expert. During a home inspection, a qualified inspector takes an indebt and fair look at the property you plan to buy. Once you determine the property is acceptable, it is up to the lender

6. Your contract will have a contingency regarding lender approval.
You should note that the contract has specific dates that need to be adhered to and reporting of your approval to the seller. It is always best to provide the lender with all the documentation on a timely basis. The Lender will order the appraisal. Lenders require appraisals on properties before loan approval because they do not want to loan more than the property is worth.

7. The closing- HUD-1 Settlement Statement
You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign. In addition to signing a lot of documents, you may need to bring some extra money for certain closing costs. Your agent will review the closing statement with you to make sure you how much money you need for closing.

Contact Us for More Information about our Foreclosures:

    Are you interested in finding a great deal on a foreclosed property, but are not sure where to begin. Let one of our agents guide you though the process. 

 1. Hugh savings on foreclosures

Our customers are saving thousands of dollars purchasing foreclosed properties. Learn how to buy foreclosed properties and you can start saving now.

2. Gain instant access to listings from all foreclosure sources

There is a maze of sources for foreclosures- we have them all summarized in one searchable database.

3. View the most up-to-date foreclosure information- site updated every night

We provide access to the listings, including photo gallery, property features, and the address. 

4. Automatic email notification of new foreclosure listings

Simplify your search- have new listings emailed to you daily.

5. Speak directly with one of our experienced specialists

Chat on-line for answers to your questions or call toll free at:

877-520-3707

6. It Free! No obligation or hassle

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Links:

Foreclosure Properties 

Hud Buyers Guide