Just as any other community in Florida and, indeed, in the nation, FishHawk Ranch is subject to real estate market volatility meaning foreclosures and short sales. These issues are those consisting of properties that have been served foreclosure notices by the courts and are now involved in foreclosure proceedings.
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Florida is what is referred to as a judicial foreclosure state which means that it requires a legal lawsuit in order to foreclose on a property and remove the residents of the home.
Thus, prior to actually becoming owned by a lending institution after a foreclosure filing, many houses are caught up in the legal proceedings associated with foreclosure. These legal proceedings can take months and even years in some instances.
Consequently, FishHawk has some properties that are in such proceedings as well as some properties that have gone through the foreclosure process and are now owned by banks or lending institution.
In addition to homes in the foreclosure process and homes that have been foreclosed on, there are also some homes in FishHawk in which the owners are trying to short sale them.
To short sale a property means that the owners reach an agreement with their lender to sell the property at a predetermined and often reduced price that is below the amount owed on the property. Thus, short sales in FishHawk can be found and often present prospective buyers with a great opportunity to move into or invest in FishHawk at a reduced price-point.