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Foreclosures in Jacksonville Florida

 

A foreclosure property is a home that has been repossessed by the lender because the owners failed to pay the mortgage. Thousands of homes end up in foreclosure every year. Economic conditions affect the number of foreclosures in Jacksonville Florida, too. Many people lose their homes due to job loss, credit problems or unexpected expenses.  It is wise to be cautious when considering a foreclosure. Many experts, in fact, advise inexperienced buyers to hire an expert to take them through the process. It is important to have the house thoroughly inspected and to be sure that any liens, undisclosed mortgages or court judgments are cleared or at least disclosed.

Foreclosures Listings in Jacksonville Florida

All ListingsUnder $100,000$100,000 - $200,000
$200,000 - $300,000$300,000 - $400,000
27 Properties Found. Showing Page 1 of 5
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Simply Sensational 5 Bedroom 3 Bath Property In...

$339,900
Orange Park, Florida
5 br, 3 ba, 3,031 ft² Residential
Price:
$339,900
City:
Orange Park
Beds:
5
Baths:
3
Type:
Residential
MLS® #:
905707
Provider:
Duval Realty Of Jax

Simply Sensational 5 Bedroom 3 Bath Property In Orange Park Country Club Featuring Great Eating S...

Photo of Listing #905707

Move-in Ready Sprawling Brick Home In Establish...

$319,900
Jacksonville, Florida
3 br, 2 ba, 2,922 ft² Residential
Price:
$319,900
City:
Jacksonville
Beds:
3
Baths:
2
Type:
Residential
MLS® #:
898347
Provider:
Watson Realty Corp

Move-in Ready Sprawling Brick Home In Established Royal Lakes. There's A Huge Family Room With Fi...

Photo of Listing #898347

Simply Sensational! This 4 Bedroom 3 Bath Villa...

$319,000
Jacksonville, Florida
4 br, 3 ba, 2,734 ft² Residential
Price:
$319,000
City:
Jacksonville
Beds:
4
Baths:
3
Type:
Residential
MLS® #:
893345
Provider:
Duval Realty Of Jax

Simply Sensational! This 4 Bedroom 3 Bath Villages Of San Jose Home Features A Spacious Living Ro...

Photo of Listing #893345

Oversized Lot With In Ground Pool And Fenced Ba...

$289,900
Jacksonville, Florida
3 br, 3 ba, 2,118 ft² Residential
Price:
$289,900
City:
Jacksonville
Beds:
3
Baths:
3
Type:
Residential
MLS® #:
902578
Provider:
Duval Realty Of Jax

Oversized Lot With In Ground Pool And Fenced Back Yard. 2 Car Garage With Side Entry And Workshop...

Photo of Listing #902578

One Story Home, Contemporary Style, 4 Bedroom 2...

$279,900
Jacksonville, Florida
4 br, 2 ba, 1,826 ft² Residential
Price:
$279,900
City:
Jacksonville
Beds:
4
Baths:
2
Type:
Residential
MLS® #:
905666
Provider:
Duval Realty Of Jax

One Story Home, Contemporary Style, 4 Bedroom 2 Bath, Fireplace, With A Courtyard Entry Two Car G...

Photo of Listing #905666

A Nicely Updated Oakleaf Plantation Home W/a Ne...

$235,000
Orange Park, Florida
4 br, 2 ba, 2,310 ft² Residential
Price:
$235,000
City:
Orange Park
Beds:
4
Baths:
2
Type:
Residential
MLS® #:
899729
Provider:
Top Source Realty Llc

A Nicely Updated Oakleaf Plantation Home W/a New Roof! This Property Has Fresh Interior & Exterio...

Photo of Listing #899729

What types of foreclosure are there?

 

Judicial foreclosure action is a proceeding in which a mortgagee, a trustee or another lienholder on property requests a court- supervised sale of the property to cover the unpaid balance of a delinquent debt.  Nonjudicial foreclosure is the process of selling real property under a power of sale in a mortgage or deed of trust that is in default. In such a foreclosure, however, the lender is unable to obtain a deficiency judgment, which makes some title insurance companies reluctant to issue a policy. How do you find government-repossessed homes?

 

The U.S. Department of Housing and Urban Development acquires properties from lenders who foreclose on mortgages insured by HUD. These properties are available for sale to both homeowner-occupants and investors. You can only purchase HUD-owned properties through a licensed real estate broker. HUD will pay the broker's commission up to 6 percent of the sales price. Down payments vary depending on whether the property is eligible for FHA insurance. If not, payments range from the conventional market's 5 to 20 percent. One caution. HUD homes are sold "as is," meaning limited repairs have been made made but no structural or mechanical warranties are implied.

 

 

Can I get a HUD home for as little as $100 down?

 

If you are strapped for cash and looking for a bargain, you may be able to buy a foreclosure property acquired by the U.S. Department of Housing and Urban Development for as little as $100 down. With HUD foreclosures in Jacksonville Florida, down payments vary depending on whether the property is eligible for FHA insurance. If not, payments range from 5 to 20 percent. But when the property is FHA-insured, the down payment can go much lower.  Each offer must be accompanied by an "earnest money" deposit equal to 5 percent of the bid price, not to exceed $2,000 but not less than $500. The U.S. Department of Veterans Affairs also offers foreclosure properties which can be purchased directly from the VA often well below market value and with a down payment amount as low as 2 percent for owner-occupants. Investors may be required to pay up to 10 percent of the purchase price as a down payment. This is because the VA guarantees home loans and often ends up owning the property if the veteran defaults.

If you are interested in purchasing a VA foreclosure, call 1-800-827-1000 to request a current listing. About 100 new properties are listed every two weeks. You should be aware that foreclosure properties are sold "as is," meaning limited repairs have been made but no structural or mechanical warranties are implied.

Where can you find foreclosures in Jacksonville Florida?

 

In most states, a foreclosure notice must be published in the legal notices section of a local newspaper where the property is located or in the nearest city. Also, foreclosure notices are usually posted on the property itself and somewhere in the city where the sale is to take place. When a homeowner is late on three payments, the bank will record a notice of default against the property. When the owner fails to pay up, a trustee sale is held, and the property is sold to the highest bidder. The financial institution that has initiated foreclosure proceedings usually will set the bid price at the loan amount. Despite these seemingly straightforward rules, buying foreclosures in Jacksonville Florida is not easy as it may sound. Sophisticated investors use the technique so novices may find themselves among stiff competition. Resources:

 

* "The Smart Money Guide to Bargain Homes, How to Find and Buy Foreclosures," James I. Wiedemer, Dearborn Financial Publishing, Chicago; 1994.

 

* "Real Estate Principles," Charles O. Stapleton III, Thomas Moran and Martha R. Williams, Dearborn Financial Publishing, Chicago; 1994.

 

* "Real Estate Investing From A to Z," William H. Pivar, Probus Publishing, Chicago, 1993.

 

 

Where can you find foreclosed HUD homes?

 

The U.S. Department of Housing and Urban Development acquires properties from lenders who foreclose on mortgages insured by HUD. These properties are available for sale to both homeowner-occupants and investors. You can only buy HUD-owned properties through a licensed real estate broker, whose commission will be paid by HUD. Down payments vary depending on whether the property is eligible for FHA insurance. If not, payments range 5 to 20 percent. When the property is FHA-insured, the down payment can go much lower. Each accepted offer must be accompanied by an "earnest money" deposit equal to 5 percent of the bid price not to exceed $2,000, but not less than $500. You should be aware that HUD homes are sold "as is," meaning limited repairs have been made but no structural or mechanical warranties are implied. What happens at a trustee sale?

 

Trustee sales are advertised in advance and require an all-cash bid. The sale is usually conducted by a sheriff, a constable or lawyer acting as trustee. This kind of sale, which usually attracts savvy investors, is not for the novice.  In a trustee sale, the lender who holds the first loan on the property starts the bidding at the amount of the loan being foreclosed. Successful bidders receive a trustee's deed.

 

 

Where do I learn about foreclosures in Jacksonville Florida?

 

One good source is their Web page http://www.hud.gov.

 

 

What are problems buying foreclosures in Jacksonville Florida?

 

Buying directly at a legal foreclosure sale is risky and dangerous. It is strictly caveat emptor ("Let the buyer beware"). The process has many disadvantages. There is no financing; you need cash and lots of it. The title needs to be checked before the purchase or the buyer could buy a seriously deficient title. The property's condition is not well known and an interior inspection of the property may not be possible before the sale, says James I. Wiedemer, author of "The Smart Money Guide Bargain Homes, How to Find and Buy Foreclosures," Dearborn Financial Publishing, Chicago, 1994. In addition, only estate (probate) and foreclosure sales are exempt from some states disclosure laws. In both cases, the law protects the seller (usually an heir or financial institution) who has recently acquired the property through adverse circumstances and may have little or no direct information about it. What about buying a foreclosure "as is"?

 

Buying a foreclosure property can be risky, especially for the novice. Usually, you buy a foreclosure property as is, which means there is no warranty implied for the condition of the property (in other words, you can't go back to the seller for repairs). The condition of foreclosure properties is usually not known because an inspection of the interior of the house is not possible before the sale. In addition, there may be problems with the title, though that is something you can check out before the purchase. How do you get financing for a foreclosure?

 

One reason there are few bidders at foreclosure sales is that it is next to impossible to get financing for such a property. You generally need to show up with cash and lots of it, or a line of credit with your bank upon which you can draw cashier's checks.

The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) program of the Northeast Florida Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than Magnolia Properties are marked with the listing broker's name and detailed information about such listings includes the name of the listing brokers. Information deemed reliable but not guaranteed.

©2017 Northeast Florida Multiple Listing Service, Inc. All rights reserved.

Listing information last updated on October 22nd, 2017 at 8:38pm EDT.