How does buying a foreclosed home work?

Buying a foreclosed home

 You have heard there are some good deals to be had buying foreclosed homes but how does buying a foreclosed home work?

Generally buying a foreclosed home are either through a real estate agent or through a public auction. In Lee County Florida. The Lee County Clerk of the Court auctions these foreclosures online.

How does buying foreclosed home work: Buying thru a Real Estate Agent.

There are two schools of thought on this. Some say go directly to the banks listing agent. In the beginning of the foreclosure crisis was a bit like the wild west, Since then, the banks have realized that a small percentage of their listing agents were not exposing the home to the market fully. There have since been protocols introduced to the industry at ensuring this does not happen. If the bank mandates that the home is listed for a certain number of days and the bids uploaded to a third party, then what advantage does it offer you to go directly to the bank’s agent? Think about this, you have the bank, the asset manager, the bank’s title company and the bank’s agent all working the same supply chain. Would you not want someone working for YOU?

We (Jeff & Cristina Tumbarello) have sold hundreds of bank-owned homes (As brokers we have sold over 300, we have also bought just under a hundred personally) and have developed a checklist to ensure a smooth transaction. PS, we also do not charge our buyers transaction fees.

One thing to point out on buying a foreclosed home.

A bank generally conveys title by a special warranty deed, not a general warranty deed. You need to understand the difference.

There is a lot less to choose from when buying a foreclosed home.

As one of the founders of the SWFL REIA ( South West Florida Real Estate Investment Assoc), I prepare and release a monthly statistical report that is very useful when trying to buy a foreclosed home. Here is the Foreclosure Trend Report for December 2017 Lee County Fl

There are just a lot fewer foreclosures to buy. If you find one you like. I would take action.

Buying a foreclosed home: A tip for you.

We find that the foreclosures are trading at similar prices to not bank owned properties. These home are often in better shape and convey with a general warranty deed.

Buying a foreclosed home: At the auction.

We have bought at the auction and you can get some great deals there. It is a space for experienced and savvy investors. You are responsible for any and all title defects (to include if the foreclosure was not done properly). In many cases, you also buy the property sight unseen.

Real Estate Investment Broker

Steelbridge Realty LLC  is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.

During the beginning of the housing downturn, Steelbridge Realty LLC was the Brokerage arm of several private equity entities. We assisted them with asset modeling and market metrics. Many prominent local commercial projects were included in this scope of transactions.

Need help buying a foreclosed home?

Please call 239 694 3300 or use the form below:



 
Foreclosure
$1,895,000
Single Family Home For Sale
Active
4
BEDS
3
TOTAL BATHS
5,474
SQFT
4150 Dingman Dr
Sanibel, FL 33957
Seagate Subdivision
Foreclosure
$579,900
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
2,440
SQFT
13291 Bridgeford Ave
Bonita Springs, FL 34135
Worthington Subdivision
Foreclosure
$567,900
Single Family Home For Sale
Pending
4
BEDS
3
TOTAL BATHS
3,561
SQFT
3854 Hidden Acres Cir S
North Fort Myers, FL 33903
Hidden Acres Subdivision
Foreclosure
$436,900
Single Family Home For Sale
Pending With Contingencies
3
BEDS
2
TOTAL BATHS
1,704
SQFT
40 Wickliffe Dr
Naples, FL 34110
Willoughby Acres Subdivision
Foreclosure
$399,000
Villa For Sale
Pending
2
BEDS
2
TOTAL BATHS
1,833
SQFT
Windstar #1.42
2152 Paget Cir 1.42
Naples, FL 34112
Foreclosure
$388,000
Single Family Home For Sale
Pending With Contingencies
2
BEDS
3
TOTAL BATHS
2,532
SQFT
9062 Whitfield Dr
Estero, FL 33928
Cascades At Estero Subdivision
Foreclosure
$347,450
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,515
SQFT
204 Stanhope Cir
Naples, FL 34104
Maplewood Subdivision
Foreclosure
$335,000
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
2,177
SQFT
2511 NW 14th Ter
Cape Coral, FL 33993
Cape Coral Subdivision
Foreclosure
$314,700
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,646
SQFT
3100 SW 18th Ave
Cape Coral, FL 33914
Cape Coral Subdivision
Foreclosure
$304,000
Single Family Home For Sale
Pending With Contingencies
3
BEDS
2
TOTAL BATHS
1,880
SQFT
15853 Candle Dr
Fort Myers, FL 33908
Candlewood Lake Estates Subdivision
Foreclosure
$299,900
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,905
SQFT
1648 County Rd 78
Labelle, FL 33935
Glades County Subdivision
Foreclosure
$272,900
Single Family Home For Sale
Pending With Contingencies
3
BEDS
2
TOTAL BATHS
1,272
SQFT
2220 Nelson Rd N
Cape Coral, FL 33993
Cape Coral Subdivision
Foreclosure
$270,000
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,960
SQFT
8196 Pennsylvania Blvd
Fort Myers, FL 33967
San Carlos Park Subdivision
Foreclosure
$265,000
Land For Sale
Pending
10.825
ACRES
LEE
COUNTY
7396 Coon Rd
North Fort Myers, FL 33917
 
Foreclosure
$256,000
Single Family Home For Sale
Pending With Contingencies
3
BEDS
2
TOTAL BATHS
1,410
SQFT
2254 Gorham Ave
Fort Myers, FL 33907
Ft Myers Villas Subdivision
Foreclosure
$233,200
Single Family Home For Sale
Active
2
BEDS
2
TOTAL BATHS
1,342
SQFT
2219 Wellington Ave
Alva, FL 33920
Alva Subdivision
Foreclosure
$229,900
Condo For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,361
SQFT
Pelican Landing #103
3491 Pointe Creek Ct 103
Bonita Springs, FL 34134
Foreclosure
$216,300
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,309
SQFT
3516 SW Santa Barbara Pl
Cape Coral, FL 33914
Cape Coral Subdivision
Foreclosure
$215,000
Townhouse For Sale
Pending
3
BEDS
3
TOTAL BATHS
2,183
SQFT
Bell Tower Park #202
14011 W Hyde Park Dr 202
Fort Myers, FL 33912
Foreclosure
$192,400
Single Family Home For Sale
Pending
2
BEDS
2
TOTAL BATHS
1,379
SQFT
Colonial Country Club #2707
11022 Mill Creek Way 2707
Fort Myers, FL 33913

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