Pre-Foreclosure: In the course of a normal mortgage when the borrower begins missing payments, the lending institution has the right to begin foreclosure proceeding to take ownership of the property.

Before the lender can reclaim ownership it must publish a notice stating that the borrower has "x" number of days to bring the mortgage current or the lender will seize the property.

The time period between the publishing of the notice and the date the lender can take the property is the pre-foreclosure period.

Gulf Winds Realty & Development has the most up-to-date information on foreclosures and pre-closures in the area.

Foreclosure: The lender has already bid their interest on the courthouse steps and now owns the property or asset. Once a property has been foreclosed upon, the lender/owner will determine occupancy and initiate evictions if necessary. When the property is determined to be vacant, they will typically have the property cleaned and debris removed. This is done to get their property ready to market and sell. When the property is ready, an appraisal may be ordered in addition to a valuation (called a Broker Price Opinion) by a local real estate broker. This is to determine the market value of the property and assists them in properly pricing the asset.

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