A Beginner's Guide To Buying Foreclosed Property In Florida.

Sometimes you'll see notices in Florida newspapers advertising foreclosure sales by the Clerk of the Court. Foreclosed property is often sold at below market prices, and may offer a bargain for investors who can afford it. But you'll need to do some research and consider a number of issues before buying foreclosed property.

Foreclosure sales occur when a creditor has a lien on property to secure an owner's debt. If not paid, the creditor can foreclose the lien by filing suit and obtaining a foreclosure judgment requiring that the property be sold to pay the debt. At the sale, the Clerk of the Court will auction the property to the highest bidder. The foreclosing creditor can …