If you and your family want to purchase a home in one of the most culturally, ecologically, and even climatically diverse regions in the United States, then finding a foreclosed home in Florida may be one of the best options for you.

Florida is home to the Florida Keys, which is an archipelago of around 1700 islands that are still part of the United States. It is also home to the Everglades. Known for its beaches, the tropical landscape, and even the wetlands of the Everglades, it is surprising that it still snows in Florida, sometimes.

And yet, despite the fact that Florida should be a prime property state because it is composed mostly of beachfront properties, it is still a state from which you can purchase single family homes for as low as $4,900 for a Single Family property in Orlando. In Florida, even in a top city like Miami, which is also considered the 3rd-richest city in the United States of America, as well as the 22nd richest city in the world in 2008, you may even get a chance to buy residential property for as low as $2,097 (A duplex would start at around $10,000). This is only one of the benefits of the plummeting real estate prices.

If you are interested in making the most out of the real estate market's recent shift in prices, the Florida Foreclosure properties may be great investments for you to consider.

In Florida, there is a set process for properties to be foreclosed then auctioned for purchase. Unlike in other states, Florida laws are more friendly towards the buyer: once the certificate of sale is issued, the former owner would no longer have the right to redeem his property. This makes sure that the sale process would go in your favor.

If you are interested in going for foreclosed property in Florida, here is the process, from pre-foreclosure down to the final sale:

Pre-foreclosure

Most properties in the United States of America are purchased under loans. When the borrower can no longer afford to pay the lender, and the lender deems it fit to actually file a foreclosure suit against the borrower, it starts with the lender filing a court action, as well as recording a Lis Pendens or a notice of a pending lawsuit, against the person who borrowed money for the property.

The lender then notifies the borrower about the case being filed against him in person or via mail or even through publication. Should the borrower fail to respond to the court action within a set time period, the county clerk can then declare the borrower in default. When this happens, the lender can then request the court to state its final ruling. If the court ruling is in favor of the lender, the document containing the ruling will indicate the total amount owed by the borrower to the lender, as well as the sale date of the foreclosure.

Worth noting is that there is no Florida state law that requires the lender to notify the borrower about initiating the foreclosure process. The only way that the borrower can prevent the foreclosure of his property is by paying the total amount he owes before the date of sale.

Notice of Auction or Sale

The Sale or Auction process of foreclosed properties varies from state to state. But here are some points worth noting about the processes around the sale.

• The auction or sale of the foreclosed property is held around 20-35 days after the court makes its decision and releases the ruling. This time frame may depend on the position of the court that handled the case.
• A a notice of sale is issued by the court clerk. This document contains:

1. Location of the sale
2. Date of the sale
3. Time of the sale.

• l The notice of sale is announced via publication once a week for two weeks, and second and final notice should be publicized at least five days before the sale.
• The court clerk is usually the one who oversees the sale.
• Florida Foreclosure sales usually occur at the county courthouse at 11:00 a.m. on the date of sale, as specified by the ruling and the notices.

If you win the auction for the Florida Foreclosure property you wanted, you must bear these in mind, as well:

• You, as the winning bidder, should provide a 5% deposit up front.
• You may pay the balance by the end of the same day (the sale date), else, a new sale is scheduled at least 20 days later.
• As the sale is finalized, the clerk gives the winning bidder a certificate of sale.
• The court clerk transfers ownership of the property to the winning bidder within 10 days of the sale, especially if no one protests or disputes the sale.
• In Florida, as mentioned earlier, the borrower would have no right of redemption after the sale is finalized and the certificate of sale is issued.

Understanding the events that surround the process of a Florida Foreclosure should arm you for what you should expect to happen, to go through, and to do, as you bid for that prime beach property in balmy Miami or sunny Orlando. Florida Foreclosures could be your best investment yet!