Port St. Lucie Foreclosures and Bank-Owned Homes for Sale

The listings above are homes, condos and townhouses in Port St. Lucie that the MLS marks as foreclosures, including bank-owned (REO) properties. They update automatically, so what you see is what is on the market today, active and pending.

Buying a foreclosure can get you into a house for less than a comparable resale, but the process is different from a regular sale. Below: the types of distressed sales you will run into, how the Florida foreclosure process affects timing, what to inspect, how to finance, and searches by price.

• Types of Sales
• Florida Process
• Buying REO
• Inspection
• Financing
• Title & Liens
• By Price
• FAQs

Foreclosure, REO, Short Sale and Auction: What the Terms Mean

Bank-owned (REO). The lender took the property back after a foreclosure sale where no outside bidder won. The bank lists it with an agent, and you buy it much like a regular listing: an offer, a contract, an inspection period and a closing. Most of the listings on this page fall into this group.

Foreclosure auction. Before a home becomes bank-owned, it goes to a public sale ordered by the court. In St. Lucie County these sales are held online through the Clerk of Court. Auction buyers usually pay a deposit the same day and the balance shortly after, with no inspection and no financing contingency. Auction properties are generally not in the MLS.

Short sale. The owner still holds title but owes more than the home is worth, so the lender agrees to accept less than the payoff. A short sale needs lender approval, which can take weeks or months. These are marked separately in the MLS and are not the same as a foreclosure.

Government-owned homes. HUD, Fannie Mae (HomePath), Freddie Mac (HomeSteps) and the VA also sell homes they took back on loans they insured or backed. They have their own offer rules, and some give owner-occupants a first look before investors can bid.

How Florida's Foreclosure Process Affects What You See

Florida is a judicial foreclosure state: a lender has to file a lawsuit and get a court judgment before the home can be sold. That makes the process slower than in states that allow out-of-court sales, and it means the supply of bank-owned homes follows court calendars as much as the economy. Inventory in Port St. Lucie tends to come in waves rather than a steady stream, which is why the count on this page can move a lot from month to month.

By the time a property reaches the MLS as bank-owned, the court case is over, the former owner has usually moved out, and the bank has title. For most buyers, especially those using a mortgage, that is the cleanest way to buy a distressed home.

Buying a Bank-Owned Home in Port St. Lucie

Banks sell REO homes as-is. They rarely make repairs or give repair credits, and they have never lived in the house, so the seller disclosure is limited. What that means in practice:

• Offers go through an online system. Many banks require offers through their asset manager's portal, with proof of funds or a pre-approval letter attached.
• Bank addenda. Expect the bank's own addendum on top of the Florida contract. It often overrides dates, fees and who pays for what, so read it before you sign.
• Response times vary. A counter-offer can take days. Multiple offers are common on well-priced homes, and banks sometimes call for "highest and best."
• Utilities may be off. Water and power may need to be turned on for the inspection, and the bank has to approve it.

Port St. Lucie's older sections, mostly built from the 1970s through the early 2000s, account for much of the foreclosure inventory. These are typically single-family homes on city lots with no HOA. Newer planned communities in the west, such as Tradition and St. Lucie West, have foreclosures too, but less often.

What to Inspect on a Foreclosure

A vacant house can have problems that do not show on a walk-through. A standard home inspection is the minimum. On a Port St. Lucie foreclosure, also plan for:

• Four-point and wind mitigation inspections. Florida insurers look closely at the roof, electrical, plumbing and HVAC. An old roof or outdated panel can make a home hard or expensive to insure, which can stop a loan.
• Roof age. Many carriers will not write a policy on an older shingle roof, or will only offer limited coverage.
• Water damage and mold. Leaks, humidity from a shut-off air conditioner, and missing fixtures are common after a vacant period.
• Septic and well. Parts of Port St. Lucie still have septic tanks or wells. If the home does, have them inspected.
• Pool and pool equipment, if there is one. A neglected pool can be costly to bring back.
• Open permits. Check with the City of Port St. Lucie building department for open or expired permits.

Financing a Foreclosure

Cash buyers have an edge in bank-owned sales, but plenty of buyers use a mortgage. The loan program has to fit the condition of the house:

• Conventional loans work well on homes in decent, livable condition.
• FHA and VA loans have property standards. Missing appliances, a bad roof or safety issues can lead the appraiser to require repairs before closing, and a bank will rarely do them.
• Renovation loans such as FHA 203(k) or Fannie Mae HomeStyle finance the purchase and the repairs in one loan, which can be the best fit for a house that needs work.

Title, Liens and Association Dues

A foreclosure judgment clears most junior liens, but not everything. Unpaid property taxes, some municipal and code-enforcement liens, and open permits can survive. Always get a full title search and owner's title insurance.

If the home is in an HOA or condo association, get an estoppel letter. Florida law can make a new owner responsible for some past-due association assessments, and the amount needs to be settled before closing.

Port St. Lucie Foreclosures by Price

Narrow the search to your budget. Each page updates automatically from the MLS:

• Under $150K
• $150K–$200K
• $200K–$250K
• $250K–$300K
• $300K–$350K
• $350K–$400K
• $400K–$500K
• $500K–$600K
• $600K–$700K
• $700K–$800K
• Over $800K

Related Searches

• No HOA Homes
• Pool Homes
• Houses Under $300K
• CBS Homes
• Condos
• Waterfront Homes

Frequently Asked Questions

Port St. Lucie Foreclosures and Bank-Owned Homes for Sale — the current listings appear at the top of this page and update automatically from the MLS.