Introduction to Foreclosed Homes
Posted by Brook Walsh on
Understanding Foreclosure
What is Foreclosure?
Foreclosure is a legal process where a lender attempts to recover the balance of a loan from a borrower, who has stopped making payments, by forcing the sale of the asset used as the collateral for the loan.
Stages of Foreclosure
In a nutshell, foreclosure goes through four stages: pre-foreclosure, auction, post-foreclosure, and Real Estate Owned (REO) by the bank. Understanding these stages can provide an edge in finding the best deal.
Why Choose Fort Lauderdale?
Fort Lauderdale, known for its beaches and boating canals, is also a hotspot for real estate investments. Its growth rate, cultural diversity, and booming economy make it an attractive location for buying foreclosed homes.
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