Foreclosed Homes In Miami
60% of foreclosed homes in Miami are occupied. Because the owners or renters of these homes are not being evicted until months or even years after the homes go into foreclosure, they continue to live in them without paying a mortgage or rent according to RealtyTrac.
RealtyTrac used its database of foreclosed homes and compared it with postal records to see which addresses were still receiving mail and which had a change-of-address filed. The study found that people who rented a home that went into foreclosure often stay for a year or more afterward.
Banks often say that evicting a person after foreclosure is a slow legal process. Some banks try to speed up the eviction process by offering cash to get occupants to leave. Some other banks actually prefer that home owners stay in a home after foreclosure, even if they are not paying the mortgage.
“Although one thinks lenders take losses by not moving evictions forward, they are still are better off by keeping the properties occupied,” Pauliana Lara of the Consumer Action Law Group. “Many foreclosed homes get vandalized or squatters move in.”
Distressed homes — including foreclosures and short sales — accounted for 14 percent of existing-home sales in September, states the NAR. That percentage is down from 24 % in September 2012. On average, foreclosures sold for a discount of 16 % below market value in September.
Read more Foreclosed Homes with FlatFee.com: Half of nation’s foreclosed homes still occupied
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Source: CNNMoney 10/24/2013