Vero Coastal Homes 
       Exclusively Representing Home Buyers

Vero Beach Foreclosures / Short Sales - Stages of the Foreclosure Process

 The recent decrease in home prices in Vero Beach, Sebastian and through out Indian River County is partially due to short sales during pre-foreclosure. Bargains seen in Bank owned properties that have gone through the foreclosure process are also spurring buyers and investors to act on homes for sale in Vero Beach and Sebastian Florida. 

Distressed properties are sold at 2 different stages of the foreclosure process -

Pre-foreclosure  - when the seller is behind on payments and owes more than the home's value, the lender may accept less than the loan payoff, a "short sale". Public notice of this situation is made by filing a Lis Pendens

Post-foreclosure  - is after the bank takes title and markets the property, also called an "REO" (lender owned) property. I have extensive experience with both stages and will explain the pros and cons of each approach.

The Type of Sale Depends on Who Holds Title to the Property -

Short Sales - The home is still titled in the sellers name and they must approach the lender and request a sale for less than the mortgage balance. The short sale process is still evolving, many lenders are overwhelmed and unable to respond to offers in a timely manner. This approach requires patience from the buyer since banks are slow to respond.

Lender Owned -   the property is usually listed with a Real Estate Broker and the process of buying is far more efficient. Although you are still dealing with a lender (not unlike a bureaucracy), this system has been in place longer. The downside is that the home has often sat vacant and is in need of repair. I always recommend a professional inspection regardless of outward appearance. Foreclosures are usually priced for a quick sale.

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