Bank-owned homes, short sales and other distressed properties can offer a lower entry price in Palm Beach County. They also come with more risk and more paperwork than a typical sale. If you are considering one, here is what to expect.
Types of distressed sales
Foreclosures and bank-owned (REO) homes are sold by the lender after a foreclosure. They are usually sold as-is. Short sales are sold by the owner with lender approval for less than the loan balance, and approval can take months.
Before you make an offer
- Get pre-approved or show proof of funds, since banks favor strong offers
- Plan for repairs, as many homes have been vacant for some time
- Order a full inspection and check for open permits and code liens
- Buy title insurance to protect against past claims on the property
Finding distressed properties
Browse current foreclosures and bank-owned homes in Palm Beach County. Buyers on a budget can also compare mobile and manufactured homes for sale, which often cost less than a single-family house.
Is a distressed home right for you?
If you need to move on a firm schedule, a standard resale may be the better choice. Start with our home buying guide and a mortgage pre-approval, then decide which route fits your budget and timeline.