Whether it is for renting or simply you want your own home, buying a Foreclosed house can be a great way for you to own a house. Code enforcement officers typically have to address code violations on occupied properties where the residents are either unaware of the code requirements, neglectful, financially distressed, or possibly violating code requirements intentionally, however, in the case of abandoned or vacant homes, these residents have either walked away or have been required to vacate the properties leaving the property maintenance and violations for another responsible party who have control over the properties which in most cases are the holders of the mortgage notes.
This program encourages the purchase of foreclosed homes by owner occupants, rather than investors, by allowing owner occupants (or any organization using public funds) to submit an offer on a Fannie Mae property without competition from investors for the first 15 days.
Should the mortgagor fail to do so, the mortgage holder gains the title to the property with no obligation to sell it. This type of foreclosure is generally available only when the value of the property is less than the debt (” under water “). Historically, strict foreclosure was the original method of foreclosure.
Florida took the No. 2 spot from California, which posted the nation’s third highest foreclosure rate.” It became common for community members and leaders around the State of Florida to feel that the mortgagees were slow to take responsibility for these assets and started to put pressure on county and local governments to address these properties, without using their tax dollars to do so.
Home sales aren’t exactly breaking records right now (at least, not in a good way), so even if you find a house at a great price and fixing it up is as cost-effective as you could hope for it to be, it could sit on the market for months, maybe even for a year or two.