If you think you'd enjoy living in Florida, or just see the wisdom of owning Florida real estate as an investment, it might be worth your while to investigate the Florida foreclosures market. Foreclosures occur when a homeowner defaults on his or her monthly payments and the bank carrying the mortgage on the home assumes ownership.

The bank will typically put the home back on the market at a discounted rate, and the size of the discount will depend to a large extent on the location and condition of the home. The discounts, while they can be as high as ten or twenty percent, are more likely to be closer to five percent.

Florida foreclosures affect properties statewide; defaults are as likely to occur in upscale neighborhoods as they are in poor ones. Even beach properties are available as Florida foreclosures.

Locating Florida Foreclosures

The first stop you should make in your search for Florida foreclosures is the Internet. Several websites have listings of Florida foreclosures classified by city and even zip code, so you can easily find a foreclosure in a specific area. You'll also be able to find Florida foreclosures with the help of a realtor, or by contacting HUD, the Department of Housing and Urban Development.

If you find some Florida foreclosures which look good on paper, the next step is to see how good they look in person. Take a drive through the neighborhoods surrounding the properties and then look as closely as possible at the properties themselves.

With this advance preparation, you'll be ready to take action if any of the properties is put up for auction. Once an auction is underway, you'll have to commit yourself quickly, and having done your homework will give you confidence in your decision whether, and how much, to bid. You can also use your knowledge of a property as a bargaining chip, should you decide to contact the mortgage holder directly.

Florida Foreclosures: A Hot Market

Because the number of Florida foreclosures rode steadily in 2006, there are many premium properties available at bargain prices. Hundreds of condominiums in southern Florida, once bought for investment purposes, are now being offered at less than true market value. These condominiums have retained their investment potential, but will also serve as vacation homes for those buyers who spend most of their time in colder climates.

Orlando, unlike other parts of southern Florida, did not experience an increase in the rates of foreclosure. Vacation homes close to Disney World/EPCOT, therefore, may not be available at the same discounts to market as the beach condominiums are. But a beach condominium in Florida, even though it is not next to the Disney attractions, is attractive enough in its own right!

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