Purchasing foreclosed property in Puerto Rico can be done before or during a foreclosure auction. The best time to purchase a foreclosure in Puerto Rico is during the pre-auction period. Waiting until the foreclosure auction or afterward tends to lead to higher prices and competition.
To purchase Puerto Rican real estate during the preforeclosure period, contact the homeowner directly or through a broker or agent, or contact the property's listing agent.
After the initial viewing of the property, schedule professional inspections. Even if the home looks like it is in fine condition, it may still have problems that you can't readily see. The inspection process ultimately saves money.
If you are satisfied with the property after the inspections and have gathered enough information, you can make an offer. To do this, you need a current standard contract of sales form. These forms are available from most real estate brokers and attorneys. Explain the terms of your offer to the homeowner or agent.
Many Puerto Rican properties are bought at public foreclosure auctions. These are required by law to be announced publicly and held at the date, time and place required by state statute. Public foreclosure auctions are typically announced in the newspaper.