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One of the easiest ways to purchase a home for less than market value is to buy St. Petersburg foreclosure property. When purchasing a pre foreclosure or foreclosure property, a buyer does not have to deal with added expenses and wait. Buyers can research properties appearing on foreclosure lists and know exactly which day they can bid on them.
St. Petersburg Foreclosure Properties for Sale
Florida uses a judicial foreclosure process which usually takes five months from the point when the initial complaint is filed with the court by the lender. After a period of time, the court will decide how much is owed and set the date for the foreclosure sale which is usually 20 to 35 days later.
The court will publish the foreclose sale information once a week for two weeks prior to the sale. Typically in St. Petersburg, foreclosure sales occur at 11 a.m. at the county court house on the appointed date. This does not apply to HUD foreclosure sales, which are typically handled through HUD via real estate agents.
Bidders in St. Petersburg should be prepared to pay five percent of a winning bid immediately and to be able to pay the balance to the court by the close of business that same day. It is prudent to have either have certified checks made out before hand or to have already secured access to a financial institution that can facilitate this request on short notice. Unlike some locations, St. Petersburg does not allow the original borrower to redeem the property once the sale has been certified. This is advantageous to those buying foreclosures because an investor can resell them without further delay.
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