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 homework?

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 a foreclosed homework: 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?

Foreclosure
$2,590,000
Single Family Home For Sale
Pending With Contingencies
5
BED
5
TOTAL BATHS
5,126
SQFT
1238 Isabel Dr
Sanibel, FL 33957
SANIBEL HARBOURS Subdivision
Foreclosure
$2,399,999
Land For Sale
Pending
6.47
ACRES
LEE
COUNTY
1311 NE Pine Island Rd
Cape Coral, FL 33909
PINE ISLAND Subdivision
Foreclosure
$1,199,000
Land For Sale
Active
16.22
ACRES
PINELLAS
COUNTY
4887 164th Ave N
Clearwater, FL 33762
ACREAGE Subdivision
Foreclosure
$899,000
Condo For Sale
Pending
3
BED
4
TOTAL BATHS
4,318
SQFT
Mastique #PH01
12601 Mastique Beach Blvd Ph01
Fort Myers, FL 33908
Foreclosure
$840,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,186
SQFT
1102 Harbour Cottage Ct
Sanibel, FL 33957
HARBOUR COTTAGES Subdivision
Foreclosure
$840,000
Land For Sale
Active
47
ACRES
CHARLOTTE
COUNTY
3740 El Jobean Rd
Port Charlotte, FL 33953
EL JOBEAN Subdivision
Foreclosure
$700,000
Land For Sale
Active
0.906
ACRES
LEE
COUNTY
9101 College Pky
Fort Myers, FL 33919
COLLEGE PARK Subdivision
Foreclosure
$700,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
4,030
SQFT
12300 Cannon Ln
Fort Myers, FL 33912
COLONIAL FARMS Subdivision
Foreclosure
$699,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
3,214
SQFT
241 Monterey Dr
Naples, FL 34119
VINEYARDS Subdivision
Foreclosure
$679,990
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
3,181
SQFT
3240 7th Ave SW
Naples, FL 34117
GOLDEN GATE ESTATES Subdivision
Foreclosure
$630,000
Land For Sale
Active
5
ACRES
MANATEE
COUNTY
5202 Us Highway 19
Palmetto, FL 34221
ACREAGE Subdivision
Foreclosure
$629,900
Single Family Home For Sale
Pending
4
BED
5
TOTAL BATHS
3,105
SQFT
19220 La Serena Dr
Estero, FL 33967
BELLE LAGO Subdivision
Foreclosure
$575,000
Single Family Home For Sale
Active
4
BED
5
TOTAL BATHS
4,794
SQFT
13540 Brynwood Ln
Fort Myers, FL 33912
BRYNWOOD 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 BEACH Subdivision
Foreclosure
$546,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,710
SQFT
5451 Harborage Dr
Fort Myers, FL 33908
HARBORAGE Subdivision
Foreclosure
$546,000
Land For Sale
Active
8.9
ACRES
CHARLOTTE
COUNTY
8274 Duffie Dr
Punta Gorda, FL 33982
AIRPORT WOODS COMMERCE CENTER Subdivision
Foreclosure
$499,000
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
2,482
SQFT
11800 Isle Of Palms Dr
Fort Myers Beach, FL 33931
FORT MYERS BEACH Subdivision
Foreclosure
$485,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,308
SQFT
570 Madrid Blvd
Punta Gorda, FL 33950
PUNTA GORDA ISLES Subdivision
Foreclosure
$475,000
Single Family Home For Sale
Active
2
BED
3
TOTAL BATHS
2,541
SQFT
884 Villa Florenza Dr
Naples, FL 34119
VINEYARDS Subdivision
Foreclosure
$435,000
Single Family Home For Sale
Pending With Contingencies
3
BED
2
TOTAL BATHS
2,543
SQFT
28397 Altessa Way
Bonita Springs, FL 34135
VASARI Subdivision

Please call 239 694 3300 or use the fore below:



 
Foreclosure
$2,590,000
Single Family Home For Sale
Pending With Contingencies
5
BED
5
TOTAL BATHS
5,126
SQFT
1238 Isabel Dr
Sanibel, FL 33957
SANIBEL HARBOURS Subdivision
Foreclosure
$2,399,999
Land For Sale
Pending
6.47
ACRES
LEE
COUNTY
1311 NE Pine Island Rd
Cape Coral, FL 33909
PINE ISLAND Subdivision
Foreclosure
$1,199,000
Land For Sale
Active
16.22
ACRES
PINELLAS
COUNTY
4887 164th Ave N
Clearwater, FL 33762
ACREAGE Subdivision
Foreclosure
$899,000
Condo For Sale
Pending
3
BED
4
TOTAL BATHS
4,318
SQFT
Mastique #PH01
12601 Mastique Beach Blvd Ph01
Fort Myers, FL 33908
Foreclosure
$840,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,186
SQFT
1102 Harbour Cottage Ct
Sanibel, FL 33957
HARBOUR COTTAGES Subdivision
Foreclosure
$840,000
Land For Sale
Active
47
ACRES
CHARLOTTE
COUNTY
3740 El Jobean Rd
Port Charlotte, FL 33953
EL JOBEAN Subdivision
Foreclosure
$700,000
Land For Sale
Active
0.906
ACRES
LEE
COUNTY
9101 College Pky
Fort Myers, FL 33919
COLLEGE PARK Subdivision
Foreclosure
$700,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
4,030
SQFT
12300 Cannon Ln
Fort Myers, FL 33912
COLONIAL FARMS Subdivision
Foreclosure
$699,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
3,214
SQFT
241 Monterey Dr
Naples, FL 34119
VINEYARDS Subdivision
Foreclosure
$679,990
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
3,181
SQFT
3240 7th Ave SW
Naples, FL 34117
GOLDEN GATE ESTATES Subdivision
Foreclosure
$630,000
Land For Sale
Active
5
ACRES
MANATEE
COUNTY
5202 Us Highway 19
Palmetto, FL 34221
ACREAGE Subdivision
Foreclosure
$629,900
Single Family Home For Sale
Pending
4
BED
5
TOTAL BATHS
3,105
SQFT
19220 La Serena Dr
Estero, FL 33967
BELLE LAGO Subdivision
Foreclosure
$575,000
Single Family Home For Sale
Active
4
BED
5
TOTAL BATHS
4,794
SQFT
13540 Brynwood Ln
Fort Myers, FL 33912
BRYNWOOD 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 BEACH Subdivision
Foreclosure
$546,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,710
SQFT
5451 Harborage Dr
Fort Myers, FL 33908
HARBORAGE Subdivision
Foreclosure
$546,000
Land For Sale
Active
8.9
ACRES
CHARLOTTE
COUNTY
8274 Duffie Dr
Punta Gorda, FL 33982
AIRPORT WOODS COMMERCE CENTER Subdivision
Foreclosure
$499,000
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
2,482
SQFT
11800 Isle Of Palms Dr
Fort Myers Beach, FL 33931
FORT MYERS BEACH Subdivision
Foreclosure
$485,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,308
SQFT
570 Madrid Blvd
Punta Gorda, FL 33950
PUNTA GORDA ISLES Subdivision
Foreclosure
$475,000
Single Family Home For Sale
Active
2
BED
3
TOTAL BATHS
2,541
SQFT
884 Villa Florenza Dr
Naples, FL 34119
VINEYARDS Subdivision
Foreclosure
$435,000
Single Family Home For Sale
Pending With Contingencies
3
BED
2
TOTAL BATHS
2,543
SQFT
28397 Altessa Way
Bonita Springs, FL 34135
VASARI Subdivision

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