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If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the
public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. The lender will then
typically clear the title and perform needed maintenance and repair; however, the potential bargain for these REO homes is
typically less than a pre-foreclosure or auction property. Bank foreclosures can become government foreclosures if the loan
is backed by a government agency such as the Department of Housing and Urban Development (HUD) or the Department
of Veterans Affairs (VA). In that case the government agency would be responsible for selling the property.
Florida Bank Owned (REO) Real Estate Owned
Florida Pre-Foreclosure (NOD, LIS)
Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property outright. The
borrower/owner can walk away with something to show for any equity in the property and avoid a bad mark on his or her
credit history. The buyer has time to research the title and condition of the property and can realize discounts of 20-40
percent below market value.
Florida Pre-Foreclosure Laws
A foreclosure in Florida begins when a lender files court action and records a notice of a pending lawsuit (Lis Pendens)
against the borrower. The lender notifies the borrower and any other affected parties in person or in some cases by mail or
publication. If the borrower does not respond to the court action within a specified amount of time, the county clerk can find
the borrower in default and the lender can ask the court to make a final ruling. If the court rules against the borrower, the
ruling will include the total amount owed to the lender and the foreclosure sale date.

The lender is not required by state law to notify the borrower before initiating the foreclosure process, but individual
mortgages or deeds of trust might call for this. The borrower can stop the foreclosure up until the date of the sale by paying
the total amount owed to the lender.
Florida Foreclosure Overview & Foreclosure Process
What is Foreclosure?

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking
ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner
defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of
Default or Lis Pendens. The foreclosure process can end one of four ways:

  1. The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state
    law. This grace period is also known as pre-foreclosure.
  2. The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the
    borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
  3. A third party buys the property at a public auction at the end of the pre-foreclosure period. The lender takes
    ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership
    either through an agreement with the borrower/owner during pre-foreclosure, via a short sale foreclosure or by
    buying back the property at the public auction. Properties repossessed by the lender are also known as bank-owned
    or REO properties (Real Estate Owned by the lender).

This foreclosure process allows for three opportunities for finding
bargains on foreclosure homes.