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
$1,890,000
Single Family Home For Sale
Active
4
BED
7
TOTAL BATHS
6,364
SQFT
5850 Harbour Preserve Cir
Cape Coral, FL 33914
CAPE HARBOUR Subdivision
Foreclosure
$825,000
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
3,381
SQFT
6017 Tarpon Estates Blvd
Cape Coral, FL 33914
TARPON POINT MARINA Subdivision
Foreclosure
$679,900
Land For Sale
Active
0.52
ACRES
LEE
COUNTY
4321 Sol Vista Dr
Upper Captiva, FL 33924
UPPER CAPTIVA Subdivision
Foreclosure
$611,100
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,500
SQFT
11433 Night Heron Dr
Naples, FL 34119
LONGSHORE LAKE Subdivision
Foreclosure
$562,000
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
1,882
SQFT
1870 Apataki Ct
Marco Island, FL 34145
MARCO ISLAND Subdivision
Foreclosure
$531,000
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
2,911
SQFT
10489 Redondo St
Port Charlotte, FL 33981
PORT CHARLOTTE Subdivision
Foreclosure
$499,900
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,200
SQFT
4417 SW 18th Pl
Cape Coral, FL 33914
CAPE CORAL Subdivision
Foreclosure
$489,900
Single Family Home For Sale
Pending
4
BED
2
TOTAL BATHS
2,318
SQFT
825 NW 38th Ave
Cape Coral, FL 33993
CAPE CORAL Subdivision
Foreclosure
$464,900
Single Family Home For Sale
Active
3
BED
4
TOTAL BATHS
2,923
SQFT
10551 Curry Palm Ln
Fort Myers, FL 33966
HERITAGE PALMS GOLF AND COUNTRY CLUB Subdivision
Foreclosure
$455,000
Single Family Home For Sale
Active
3
BED
4
TOTAL BATHS
2,758
SQFT
20007 Markward Crcs
Estero, FL 33928
GRANDEZZA Subdivision
Foreclosure
$448,200
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
2,676
SQFT
4919 Cerromar Dr
Naples, FL 34112
NAPLES LAKES COUNTRY CLUB Subdivision
Foreclosure
$440,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,623
SQFT
3306 SW 27th Pl
Cape Coral, FL 33914
CAPE CORAL Subdivision
Foreclosure
$440,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,968
SQFT
127 El Dorado Pky W
Cape Coral, FL 33914
CAPE CORAL Subdivision
Foreclosure
$439,900
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
1,923
SQFT
1800 Woodbine Ct
Marco Island, FL 34145
MARCO ISLAND Subdivision
Foreclosure
$410,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,929
SQFT
4410 SE 9th Ave
Cape Coral, FL 33904
CAPE CORAL Subdivision
Foreclosure
$410,000
Land For Sale
Active
0.381
ACRES
LEE
COUNTY
5838 Silvery Ln
Fort Myers, FL 33919
SUNSET COVE Subdivision
Foreclosure
$399,900
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
1,786
SQFT
140 Crescent Dr
Fort Myers, FL 33919
NOT APPLICABLE Subdivision
Foreclosure
$369,900
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
2,030
SQFT
4580 Colleen St
Port Charlotte, FL 33952
PORT CHARLOTTE Subdivision
Foreclosure
$368,000
Single Family Home For Sale
Pending
3
BED
4
TOTAL BATHS
2,691
SQFT
7255 Lake Dr
Fort Myers, FL 33908
HERITAGE FARMS Subdivision
Foreclosure
$366,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,975
SQFT
9319 La Bianco St
Estero, FL 33967
THE RESERVE AT ESTERO Subdivision

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